Morrison, Illinois Property Taxes
The median property tax rate in Morrison, IL is 2.56%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Morrison at $87,395, the typical annual property tax bill reaches $2,279, which, while below the national median of $2,690, reflects the higher tax rate. Property taxes in Morrison are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Morrison's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Morrison or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Morrison, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.56%
Estimate Property Tax Bill
$2,237
$2,186
Ownwell’s Morrison Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morrison with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morrison to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Morrison, Illinois
Property taxes in Morrison, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morrison is 2.56%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Morrison set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morrison estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. For comparison, the 61270 zip code has the highest median property tax rate of 2.56%, while the same zip code also has the lowest median tax rate of 2.56%. Understanding how these cities compare with Morrison provides valuable insights into the varying tax landscape across Carroll County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morrison Tax Rate
2.56%
Average Carroll County Tax Rate
2.34%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morrison, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61270 | 2.28% | 2.38% | 2.56% | 2.73% | 2.84% |
Source: Ownwell
Property Tax Assessment Values Across Morrison, Illinois
In Morrison, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Carroll County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Morrison, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Morrison helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Morrison are both $2,279, found in zip code 61270.
Average Morrison Assessed Value
$87,395
Average Carroll County Assessed Value
$86,910
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morrison, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61270 | $77,391 | $81,142 | $87,395 | $93,648 | $97,399 |
Source: Ownwell
Property Tax Bills Across Morrison, Illinois
In Morrison, property tax bills are determined using the assessed value of a home, which is a percentage of its market value. For instance, with a median home price of $87,395, the assessed value is calculated and then multiplied by the local tax rate to determine the tax bill. Factors such as the property's location, size, and improvements can influence its assessed value. Homeowners in Morrison experience varying tax bills. The 25th percentile tax bill is around $1,966, while those in the 75th percentile pay approximately $2,592. At the 90th percentile, the tax bill can reach up to $2,779. These figures highlight the range of property tax obligations within the city. Compared to the national median property tax rate of 0.99%, Morrison's tax rates reflect the local government's revenue needs. This affects homeowners by influencing their annual expenses and potentially impacting their decisions on home improvements or property sales. Understanding these factors can help homeowners anticipate and manage their property tax obligations effectively.
Average Morrison Tax Bill
$2,279
Average Carroll County Tax Bill
$2,178
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Morrison, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61270 | $1,779 | $1,966 | $2,279 | $2,592 | $2,779 |
Source: Ownwell