Morrison, Oklahoma Property Taxes
The median property tax rate in Morrison, OK is 1.09%, higher than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $79,862 in Morrison, the typical annual property tax bill is $838, which is below the national median of $2,690. 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, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$870
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, Oklahoma
Property taxes in Morrison, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morrison is 1.09%, which is higher than 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. The data below compares Morrison's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73061 zip code has the highest median property tax rate of 1.09%, while the same zip code also has the lowest median tax rate of 1.09%. Understanding how these cities compare with Morrison provides valuable insights into the varying tax landscape across Pawnee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morrison Tax Rate
1.09%
Average Pawnee County Tax Rate
0.99%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morrison, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73061 | 0.91% | 1.02% | 1.09% | 1.12% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Morrison, Oklahoma
In Morrison, Oklahoma, 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 Pawnee 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 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 median home price in Morrison is $79,862, with tax bills ranging from $650 at the 25th percentile to $1,539 at the 90th percentile. The highest and lowest median tax bills are both $838 in zip code 73061.
Average Morrison Assessed Value
$79,862
Average Pawnee County Assessed Value
$70,521
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morrison, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73061 | $61,892 | $73,695 | $79,862 | $134,831 | $208,271 |
Source: Ownwell
Property Tax Bills Across Morrison, Oklahoma
In Morrison, Pawnee County, OK, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine your annual tax bill. Factors that influence the tax bill include the home's market value, any exemptions you qualify for, and the local tax rate set by the county. For instance, the median home price in Morrison is $79,862. Homeowners in the 25th percentile of tax bills pay around $650 annually, while those in the 75th percentile pay approximately $1,152. At the 90th percentile, the tax bill can reach up to $1,539. These figures show how property taxes can vary significantly based on home value and applicable exemptions. Compared to the national median property tax rate of 0.99%, Morrison's rates are relatively modest, making it an attractive location for homeowners seeking lower property tax burdens. Understanding these factors can help homeowners better anticipate and manage their annual property tax expenses.
Average Morrison Tax Bill
$838
Average Pawnee County Tax Bill
$656
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Morrison, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73061 | $526 | $650 | $838 | $1,152 | $1,539 |
Source: Ownwell