Morris, Indiana Property Taxes
The median property tax rate in Morris, IN is 0.57%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Morris, the typical annual property tax bill is $607, well below the national median of $2,690. Property taxes in Morris are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Morris's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Morris or another part of Ripley County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Morris, Indiana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,980
Ownwell’s Morris Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morris with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morris 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 Morris, Indiana
Property taxes in Morris, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morris is 0.57%, which is lower than the U.S. national median of 0.99%. Local government entities within Morris set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morris 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. The data below compares Morris's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47033 has the highest median property tax rate of 0.57%, while the same zip code also has the lowest median tax rate of 0.57%. Understanding how these cities compare with Morris provides valuable insights into the varying tax landscape across Ripley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morris Tax Rate
0.57%
Average Ripley County Tax Rate
0.79%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morris, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47033 | 0.43% | 0.49% | 0.57% | 0.99% | 1.38% |
Source: Ownwell
Property Tax Assessment Values Across Morris, Indiana
In Morris, Indiana, 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 Ripley County Assessor 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 Morris, 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 Morris helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 47033 has the highest and lowest median tax bill of $607.
Average Morris Assessed Value
$112,900
Average Ripley County Assessed Value
$137,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morris, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47033 | $48,220 | $88,300 | $112,900 | $134,825 | $185,180 |
Source: Ownwell
Property Tax Bills Across Morris, Indiana
In Morris, Ripley County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Morris is $112,900. To calculate the property tax bill, the assessed value is multiplied by the local property tax rate. Various factors, including property size, location, and improvements, influence the assessed value. For homeowners in Morris, property tax bills can vary significantly. The 25th percentile tax bill is $462, while the 75th percentile tax bill is $1,106, and the 90th percentile tax bill reaches $1,893. These figures highlight the range of potential tax liabilities, influenced by the property's assessed value and applicable exemptions. Compared to the national median property tax rate of 0.99%, Morris offers a relatively competitive tax environment. Homeowners must budget for these annual expenses, as property taxes directly impact the overall cost of homeownership and community funding for local services and infrastructure.
Average Morris Tax Bill
$607
Average Ripley County Tax Bill
$1,170
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Morris, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47033 | $284 | $462 | $607 | $1,106 | $1,893 |
Source: Ownwell