Morrison, Illinois Property Taxes
The median property tax rate in Morrison, IL is 2.19%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Morrison at $99,657, the typical annual property tax bill reaches $2,122, which is below the national median of $2,690. Property taxes in Morrison are calculated based on the tax assessed value, often falling below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Morrison'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 Morrison 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
Morrison, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.19%
Estimate Property Tax Bill
$2,182
$2,025
Ownwell’s Morrison Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morrison with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morrison 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 Morrison, Illinois
Property taxes in Morrison, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morrison is 2.19%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Morrison set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morrison 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 Morrison's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61270 zip code has both the highest and the lowest median property tax rate of 2.19%. Understanding how these cities compare with Morrison provides valuable insights into the varying tax landscape across Whiteside County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morrison Tax Rate
2.19%
Average Whiteside County Tax Rate
2.37%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morrison, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61270 | 1.58% | 1.92% | 2.19% | 2.44% | 2.82% |
Source: Ownwell
Property Tax Assessment Values Across Morrison, Illinois
In Morrison, 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 Whiteside County 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 Morrison, 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 Morrison helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 61270, while the zip code with the lowest median tax bill is also 61270.
Average Morrison Assessed Value
$99,657
Average Whiteside County Assessed Value
$92,852
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morrison, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61270 | $51,226 | $71,712 | $99,657 | $141,675 | $190,164 |
Source: Ownwell
Property Tax Bills Across Morrison, Illinois
In Morrison, Whiteside County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. For example, with a median home price of $99,657, homeowners can expect significant variability in their tax bills. At the 25th percentile, the tax bill is around $1,443, while at the 75th percentile, it rises to approximately $3,122. The 90th percentile sees even higher tax bills, reaching up to $4,343. These tax rates are influenced by various factors, including local government budgets, school funding needs, and public services. Compared to the national median property tax rate of 0.99%, Morrison's rates can be quite variable, impacting homeowners differently depending on the assessed value of their property. This variability means that understanding and potentially appealing your property tax assessment can be crucial for managing yearly expenses.
Average Morrison Tax Bill
$2,122
Average Whiteside County Tax Bill
$2,245
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Morrison, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61270 | $924 | $1,443 | $2,122 | $3,122 | $4,343 |
Source: Ownwell