Morristown, Rice County, Minnesota Property Taxes
Median Morristown, MN effective property tax rate: 0.68%, significantly lower than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Morristown, MN home value: $249,250
Median annual Morristown, MN tax bill: $1,866, $534 lower than the national median property tax bill of $2,400.
How are property taxes in Rice County calculated?
Property taxes in Morristown, MN are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Morristown’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Morristown, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Morristown, Rice County, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.68%
Estimate Property Tax Bill
$1,695
$1,573
Property Tax Rates Across Morristown, Rice County, Minnesota
Local government entities set tax rates, and these can vary significantly within Minnesota. This variation arises because each county annually estimates its required budget to provide essential services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While votes and laws play a role in setting tax rates and budgets, this is essentially the annual process.
In Morristown, Rice County, the effective property tax rate is 0.68%, which aligns with the highest and lowest rates within the same zip code, 55052. This rate is notably lower than Minnesota's median property tax rate of 1.02% and the national median of 1.02%. Furthermore, the median property tax bill in Morristown is below the national median of $2,400. This comparison highlights the relative affordability of property taxes in Morristown compared to other regions in Minnesota and across the United States. Understanding these differences can help property owners in Morristown make informed decisions about property tax appeals and exemptions, ultimately leading to potential savings.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Morristown Tax Rate
0.68%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Rice County Tax Rate
0.89%
Median Effective Minnesota Tax Rate
1.11%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Morristown, Rice County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55052 | 0.23% | 0.50% | 0.68% | 1.09% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Morristown, Rice County, Minnesota
When examining property taxes in Morristown, MN, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Rice County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Rice County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Morristown.
For example, the median home price in Morristown is $249,250, with tax bills ranging significantly across the county. Zip code 55052 has the highest median home price at $249,250.
Property Tax Assessment Values Across Morristown, Rice County, Minnesota
Source: Ownwell
$209,200
$353,950
$498,700
Median Morristown Market Value
$249,250
Median Rice County Market Value
$294,900
Median Minnesota Market Value
$290,400
Median United States Market Value
$235,294
Property Tax Assessment Values Across Morristown, Rice County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55052 | $24,340 | $147,350 | $249,250 | $415,900 | $694,910 |
Source: Ownwell
Property Tax Bills Across Morristown, Rice County, Minnesota
Median Morristown Tax Bill
$1,866
Median Rice County Tax Bill
$2,471
Median Minnesota Tax Bill
$3,182
Median United States Tax Bill
$2,400
Property Tax Bills Across Morristown, Rice County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55052 | $193 | $865 | $1,866 | $2,674 | $3,463 |
Source: Ownwell