Morristown, Minnesota Property Taxes
The median property tax rate in Morristown, MN is 0.90%, slightly below the national median of 0.99% but lower than the Minnesota state median of 1.11%. With the median home value in Morristown at $315,400, the typical annual property tax bill is $2,828, surpassing the national median of $2,690. Property taxes in Morristown are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as 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, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$2,839
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, Minnesota
Property taxes in Morristown, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morristown is 0.90%, which is lower than 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 areas in Minnesota and the national median. For comparison, the 55052 zip code has the highest median property tax rate of 0.90%, while the same 55052 zip code also has the lowest median tax rate of 0.90%. Understanding how these areas compare with Morristown provides valuable insights into the varying tax landscape across Waseca County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morristown Tax Rate
0.90%
Average Waseca County Tax Rate
1.46%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morristown, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55052 | 0.43% | 0.52% | 0.90% | 0.99% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Morristown, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Morristown, Minnesota. 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 Waseca 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 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 instance, the median home price in Morristown is $315,400, with tax bills ranging from $2,213 at the 25th percentile to $7,833 at the 90th percentile. The zip code with the highest median tax bill is 55052, which is also the lowest. 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
$315,400
Average Waseca County Assessed Value
$185,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morristown, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55052 | $211,870 | $228,050 | $315,400 | $865,650 | $1,017,250 |
Source: Ownwell
Property Tax Bills Across Morristown, Minnesota
In Morristown, Waseca County, MN, property tax bills are calculated based on the assessed value of a home. The county assessor determines this assessed value, which is a percentage of the property's market value. Various factors, including the property's location, size, and condition, influence this valuation. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. For homeowners in Morristown, the property tax rate plays a significant role in determining their annual tax bill. The national median property tax rate is 0.99%, but local rates can vary. In Morristown, the tax bill at the 25th percentile is $2,213, while at the 75th percentile, it rises to $4,882. Homeowners at the 90th percentile face a tax bill of $7,833. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life in the community. Understanding how property taxes are calculated helps homeowners budget effectively and anticipate their financial obligations.
Average Morristown Tax Bill
$2,828
Average Waseca County Tax Bill
$2,536
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Morristown, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55052 | $1,768 | $2,213 | $2,828 | $4,882 | $7,833 |
Source: Ownwell