Morro Bay, California Property Taxes
The median property tax rate in Morro Bay, CA is 1.04%, slightly above the national median of 0.99% but below the California state median of 1.21%. With a median home value of $488,944 in Morro Bay, the typical annual property tax bill reaches $4,978, surpassing the national median of $2,690. Property taxes in Morro Bay are calculated based on the assessed value, which is often lower than the market value due to various exemptions, such as the primary residence exemption. Understanding Morro Bay'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 Morro Bay 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
Morro Bay, California Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$5,085
$4,719
Ownwell’s Morro Bay Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morro Bay with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morro Bay 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 Morro Bay, California
Property taxes in Morro Bay, California, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morro Bay is 1.04%, which is higher than the U.S. national median of 0.99%. Local government entities within Morro Bay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morro Bay 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 Morro Bay's effective property tax rate to other areas in San Luis Obispo County and the national median. For comparison, the zip code 93442 in Morro Bay has the highest median property tax rate of 1.04%, while the same zip code also has the lowest median tax rate of 1.04%. Understanding how these figures compare with Morro Bay provides valuable insights into the varying tax landscape across San Luis Obispo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morro Bay Tax Rate
1.04%
Average San Luis Obispo County Tax Rate
1.06%
Average California Tax Rate
1.21%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morro Bay, California
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 93442 | 0.99% | 1.02% | 1.04% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Morro Bay, California
In Morro Bay, California, 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 San Luis Obispo 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 Morro Bay, 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 Morro Bay helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 93442, with a median tax bill of $4,978.
Property Tax Assessment Values Across Morro Bay, California
Source: Ownwell
$25,600
$1,162,088
$2,298,576
Average Morro Bay Assessed Value
$488,944
Average San Luis Obispo County Assessed Value
$470,020
Average California Assessed Value
$378,421
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morro Bay, California
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 93442 | $95,836 | $261,004 | $488,944 | $733,742 | $976,077 |
Source: Ownwell
Property Tax Bills Across Morro Bay, California
In Morro Bay, located in San Luis Obispo County, CA, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by county assessors who evaluate the property's market value. Homeowners in Morro Bay can expect their property tax bills to vary significantly, with the 25th percentile at $2,685 and the 75th percentile reaching $7,448. The highest median tax bill in the area is $4,978, which is notably higher than the national median property tax rate of 0.99%. This discrepancy can be attributed to the relatively high median home price in Morro Bay, which stands at $488,944. Factors such as the property's location, size, and any improvements made can influence the assessed value and, consequently, the tax bill. For homeowners, understanding these factors is crucial as they directly affect annual financial obligations. Higher property taxes can impact affordability and long-term financial planning, making it essential for homeowners to stay informed about their property’s assessed value and potential tax liabilities.
Average Morro Bay Tax Bill
$4,978
Average San Luis Obispo County Tax Bill
$5,157
Average California Tax Bill
$4,683
Average United States Tax Bill
$2,690
Property Tax Bills Across Morro Bay, California
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 93442 | $1,075 | $2,685 | $4,978 | $7,448 | $9,921 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Property Valuation Date | January 1 |
| Appeal Deadline | November 30 |
| Tax Bill | |
| Issued | October 1 |
| Due Date #1 | December 10 |
| Due Date #2 | April 10 |
Links | |
|---|---|
| San Luis Obispo Tax Assessor | |
| Website | propertyinquiryportal.slocounty.ca.gov |