Morristown, Arizona Property Taxes
The median property tax rate in Morristown, AZ is 0.42%, significantly lower than both the national median of 0.99% and the Arizona state median of 0.56%. With a median home value of $332,138 in Morristown, the typical annual property tax bill is $1,524, which is well below the national median of $2,690. Property taxes in Morristown are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Morristown'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 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, Arizona Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.42%
Estimate Property Tax Bill
$1,395
$1,295
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, Arizona
Property taxes in Morristown, Arizona, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morristown is 0.42%, which is significantly lower than both the Arizona 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 Arizona and the national median. For comparison, the zip code 85342 has both the highest and lowest median property tax rate of 0.42%. Understanding how these cities compare with Morristown provides valuable insights into the varying tax landscape across Yavapai County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morristown Tax Rate
0.42%
Average Yavapai County Tax Rate
0.44%
Average Arizona Tax Rate
0.56%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morristown, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 85342 | 0.39% | 0.40% | 0.42% | 0.46% | 0.49% |
Source: Ownwell
Property Tax Assessment Values Across Morristown, Arizona
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Morristown, Arizona. 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 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. 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 zip code 85342 has the highest and lowest median tax bill at $1,524, reflecting the variability in property valuations and tax obligations within the area.
Average Morristown Assessed Value
$332,138
Average Yavapai County Assessed Value
$367,324
Average Arizona Assessed Value
$302,154
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morristown, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 85342 | $65,709 | $224,112 | $332,138 | $497,647 | $609,530 |
Source: Ownwell
Property Tax Bills Across Morristown, Arizona
In Morristown, AZ, property tax bills are calculated based on the assessed value of a home, which is determined by the Yavapai County Assessor's Office. The assessed value is a percentage of the market value of the property. This value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with the median home price in Morristown at $332,138, homeowners can expect varying tax bills based on the assessed value and tax rate. Factors such as property improvements, location, and market conditions can influence the assessed value. Homeowners in Morristown typically see tax bills ranging from $924 at the 25th percentile to $2,482 at the 90th percentile, with a median tax bill of $1,524. Compared to the national median property tax rate of 0.99%, Morristown's tax bills can seem more manageable, but they still significantly impact homeowners' annual expenses. Understanding these factors can help homeowners anticipate their property tax liabilities and plan their finances accordingly.
Average Morristown Tax Bill
$1,524
Average Yavapai County Tax Bill
$1,504
Average Arizona Tax Bill
$1,666
Average United States Tax Bill
$2,690
Property Tax Bills Across Morristown, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 85342 | $314 | $924 | $1,524 | $2,142 | $2,482 |
Source: Ownwell