Morristown, New York Property Taxes
The median property tax rate in Morristown, NY is 2.67%, significantly higher than both the national median of 0.99% and the New York state median of 2.39%. With the median home value in Morristown, the typical annual property tax bill reaches $3,230, far exceeding the national median of $2,690. Property taxes in Morristown 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 Morristown'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 Morristown 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
Morristown, New York Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.67%
Estimate Property Tax Bill
$2,928
$2,895
Ownwell’s Morristown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morristown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morristown 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 Morristown, New York
Property taxes in Morristown, New York, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Morristown is 2.67%, significantly higher than both the New York state median and the U.S. national median of 0.99%. Local government entities within Morristown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morristown 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 Morristown's effective property tax rate to other counties in New York and the national median. For comparison, the zip code 13664 has the highest median property tax rate of 2.67%, while the lowest median tax rate is also 2.67%. Understanding how these areas compare with Morristown provides valuable insights into the varying tax landscape across St. Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morristown Tax Rate
2.67%
Average St. Lawrence County Tax Rate
3.02%
Average New York Tax Rate
2.39%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morristown, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13664 | 2.50% | 2.67% | 2.67% | 2.67% | 2.67% |
Source: Ownwell
Property Tax Assessment Values Across Morristown, New York
In Morristown, New York, 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 St. Lawrence 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 Morristown, 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 Morristown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Morristown is found in the 13664 zip code, amounting to $3,230.
Average Morristown Assessed Value
$109,677
Average St. Lawrence County Assessed Value
$83,455
Average New York Assessed Value
$255,644
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morristown, New York
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13664 | $32,658 | $56,882 | $109,677 | $155,914 | $237,161 |
Source: Ownwell
Property Tax Bills Across Morristown, New York
In Morristown, located in St. Lawrence County, NY, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The median home price in Morristown is $109,677, and the property tax rate is influenced by various factors, including the local government's budget needs and the assessed value of properties in the area. Homeowners in Morristown can expect their tax bills to vary significantly; the 25th percentile tax bill is around $1,711, while the 75th percentile reaches up to $4,159, and the 90th percentile can go as high as $6,140. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life in the community. Compared to the national median property tax rate of 0.99%, Morristown's tax rates reflect the local economic conditions and public service requirements. Understanding these factors can help homeowners anticipate their financial responsibilities and plan accordingly.
Average Morristown Tax Bill
$3,230
Average St. Lawrence County Tax Bill
$2,611
Average New York Tax Bill
$5,938
Average United States Tax Bill
$2,690
Property Tax Bills Across Morristown, New York
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 13664 | $1,090 | $1,711 | $3,230 | $4,159 | $6,140 |
Source: Ownwell