Morristown, Tennessee Property Taxes
The median property tax rate in Morristown, TN is 0.49%, significantly lower than both the national median of 0.99% and Tennessee's state median of 0.64%. With a median home value of $103,700 in Morristown, the typical annual property tax bill is around $637, well below the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which often 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, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.49%
Estimate Property Tax Bill
$508
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, Tennessee
Property taxes in Morristown, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morristown is 0.49%, lower than both the Tennessee 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 Tennessee and the national median. For comparison, the 37814 zip code has the highest median property tax rate of 0.49%, while the 37813 zip code has the lowest median tax rate of 0.49%. Understanding how these cities compare with Morristown provides valuable insights into the varying tax landscape across Hamblen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morristown Tax Rate
0.49%
Average Hamblen County Tax Rate
0.49%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morristown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37813 | 0.49% | 0.49% | 0.49% | 0.79% | 0.79% |
| 37814 | 0.49% | 0.49% | 0.49% | 0.79% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Morristown, Tennessee
In Morristown, Tennessee, 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 Hamblen County Assessor's Office 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. Assessment notices in Morristown 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. For example, the highest median tax bill is $689 in zip code 37814, while the lowest median tax bill is $546 in zip code 37813. Being aware of these valuation processes in Morristown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Morristown Assessed Value
$103,700
Average Hamblen County Assessed Value
$105,800
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morristown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37813 | $16,300 | $49,500 | $87,600 | $127,900 | $181,880 |
| 37814 | $19,300 | $65,450 | $116,000 | $171,950 | $249,300 |
Source: Ownwell
Property Tax Bills Across Morristown, Tennessee
In Morristown, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For homeowners, this means that the amount they owe in property taxes is directly influenced by their property's assessed value and the local tax rate set by Hamblen County. The median home price in Morristown is $103,700, and property tax bills can vary significantly. For example, the 25th percentile tax bill is around $360, while the 75th percentile tax bill reaches $953. Those in the 90th percentile could see tax bills as high as $1,443. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners in Morristown to understand how their local rates measure up. Within Morristown, the highest median tax bill is $689 in the 37814 zip code, whereas the lowest is $546 in the 37813 zip code. These variations highlight the importance of understanding local property values and tax rates, which can significantly impact homeowners' annual expenses.
Average Morristown Tax Bill
$637
Average Hamblen County Tax Bill
$619
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Morristown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37813 | $90 | $273 | $546 | $777 | $1,081 |
| 37814 | $118 | $414 | $689 | $1,057 | $1,630 |
Source: Ownwell