Morris, Illinois Property Taxes
The median property tax rate in Morris, IL is 2.61%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $152,614 in Morris, the typical annual property tax bill reaches $3,977, surpassing the national median of $2,690. Property taxes in Morris are determined based on the tax assessed value, which is often lower than the market value due to various exemptions such as the primary residence and agricultural exemptions. Navigating Morris's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're residing in the heart of Morris or elsewhere in the city, understanding the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Morris, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.61%
Estimate Property Tax Bill
$3,983
$3,893
Ownwell’s Morris Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morris with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morris 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 Morris, Illinois
Property taxes in Morris, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Morris is 2.61%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Morris set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morris 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 Morris's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60450 zip code has the highest median property tax rate of 2.61%, while the same zip code also has the lowest median tax rate of 2.61%. Understanding how these areas compare with Morris provides valuable insights into the varying tax landscape across Grundy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morris Tax Rate
2.61%
Average Grundy County Tax Rate
2.61%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morris, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60450 | 2.21% | 2.42% | 2.61% | 2.64% | 3.09% |
Source: Ownwell
Property Tax Assessment Values Across Morris, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Morris, IL. 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 local authorities 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 Morris, 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. For instance, the highest median tax bill in Morris is $3,977 in the 60450 zip code, which is also the lowest median tax bill, indicating a consistent tax environment. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Morris Assessed Value
$152,614
Average Grundy County Assessed Value
$145,632
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morris, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60450 | $48,376 | $102,278 | $152,614 | $211,878 | $292,279 |
Source: Ownwell
Property Tax Bills Across Morris, Illinois
Property tax bills in Morris, located in Grundy County, IL, are calculated based on the assessed value of a property and the local tax rate. The assessed value is typically a percentage of the market value of the home. For instance, with a median home price of $152,614, the assessed value is used to determine the tax bill. Factors such as property improvements, neighborhood conditions, and market trends can influence this assessed value. In Morris, property tax bills can vary significantly. Homeowners in the 25th percentile pay around $2,749, while those in the 75th percentile see bills closer to $5,658. At the 90th percentile, tax bills can reach up to $7,860. The highest and lowest median tax bills in Morris both stand at $3,977, reflecting a consistent tax rate across different areas of the city. These property tax bills directly impact homeowners by contributing to local services such as schools, public safety, and infrastructure. Comparing this to the national median property tax rate of 0.99%, Morris homeowners experience a range of tax bills that can significantly affect their annual expenses.
Average Morris Tax Bill
$3,977
Average Grundy County Tax Bill
$3,869
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Morris, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60450 | $1,505 | $2,749 | $3,977 | $5,658 | $7,860 |
Source: Ownwell