Morris, Illinois Property Taxes
The median property tax rate in Morris, IL is 2.27%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Morris at $279,615, the typical annual property tax bill reaches $6,706, exceeding the national median of $2,690. Property taxes in Morris 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 Morris'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 Morris 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
Morris, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.27%
Estimate Property Tax Bill
$6,347
$6,202
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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morris is 2.27%, significantly higher than 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 both the highest and lowest median property tax rate of 2.27%. Understanding how these figures 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
2.27%
Average Kendall County Tax Rate
2.83%
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 | 2.19% | 2.23% | 2.27% | 2.40% | 2.40% |
Source: Ownwell
Property Tax Assessment Values Across Morris, Illinois
In Morris, Illinois, 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 local appraisal district 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. Being aware of these valuation processes in Morris helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Morris is $279,615, with the highest and lowest median tax bill both recorded at $6,706 in the 60450 zip code.
Average Morris Assessed Value
$279,615
Average Kendall County Assessed Value
$264,846
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 | $135,598 | $210,699 | $279,615 | $313,344 | $494,441 |
Source: Ownwell
Property Tax Bills Across Morris, Illinois
In Morris, located in Kendall County, IL, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, which is determined by the county assessor. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Morris, the median home price is $279,615, and the property tax rate is a significant factor. The 25th percentile tax bill is $4,633, while the 75th percentile reaches $7,409, and the 90th percentile can be as high as $11,487. These figures indicate that property tax bills in Morris can vary widely depending on the assessed value of the home and the specific tax rate applied. Compared to the national median property tax rate of 0.99%, Morris homeowners may find their tax bills higher, reflecting the local tax policies and the value of properties in the area. This can significantly impact household budgets and the overall cost of homeownership.
Average Morris Tax Bill
$6,706
Average Kendall County Tax Bill
$7,273
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 | $3,225 | $4,633 | $6,706 | $7,409 | $11,487 |
Source: Ownwell