Morristown, Indiana Property Taxes
The median property tax rate in Morristown, Indiana is 0.93%, slightly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Morristown, the typical annual property tax bill reaches $2,078, which is below the national median of $2,690. Property taxes in Morristown 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 Morristown'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 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, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$2,149
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, Indiana
Property taxes in Morristown, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morristown is 0.93%, which is below 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 Indiana and the national median. For comparison, the 46161 zip code has both the highest and lowest median property tax rate of 0.93%. Understanding how these cities compare with Morristown provides valuable insights into the varying tax landscape across Rush County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morristown Tax Rate
0.93%
Average Rush County Tax Rate
0.92%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morristown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46161 | 0.60% | 0.65% | 0.93% | 1.15% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across Morristown, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Morristown, Indiana. 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 Rush 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 Morristown, 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 example, the highest median tax bill in Morristown is $2,078 in the 46161 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Morristown Assessed Value
$231,050
Average Rush County Assessed Value
$138,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morristown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46161 | $117,240 | $166,525 | $231,050 | $312,500 | $416,120 |
Source: Ownwell
Property Tax Bills Across Morristown, Indiana
In Morristown, located in Rush County, Indiana, property tax bills are calculated based on the assessed value of a home. The local government determines this value by evaluating various factors such as the property's market value, location, and physical characteristics. Homeowners in Morristown can expect their tax bill to be influenced by these assessments and the local tax rate. For example, the median home price in Morristown is $231,050. Property tax bills can vary significantly within the area, ranging from $1,125 at the 25th percentile to $4,203 at the 90th percentile. This variation illustrates how different factors, including property size and neighborhood, can impact the final tax amount. The highest and lowest median tax bills in the area both stand at $2,078, which is slightly above the national median property tax rate of 0.99%. Understanding these dynamics helps homeowners anticipate their property tax obligations and manage their finances more effectively.
Average Morristown Tax Bill
$2,078
Average Rush County Tax Bill
$1,215
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Morristown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46161 | $754 | $1,125 | $2,078 | $3,675 | $4,203 |
Source: Ownwell