Morrison, Tennessee Property Taxes
The median property tax rate in Morrison, TN is 0.62%, slightly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Morrison, the typical annual property tax bill reaches $733, significantly below the national median of $2,690. Property taxes in Morrison 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 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, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$739
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, Tennessee
Property taxes in Morrison, Tennessee, 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 0.62%, significantly lower than the U.S. national median of 0.99%. Local government entities within Morrison set these rates annually, and they can vary 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 Tennessee and the national median. For comparison, the zip code 37357 has both the highest and lowest median property tax rate of 0.62%, indicating uniformity in the tax landscape within this area. Understanding how these values compare with Morrison provides valuable insights into the varying tax landscape across Cannon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morrison Tax Rate
0.62%
Average Cannon County Tax Rate
0.62%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morrison, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37357 | 0.61% | 0.61% | 0.62% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Morrison, Tennessee
In Morrison, Tennessee, 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 Cannon 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 highest median tax bill in the area is $733.00, found in the zip code 37357, while the lowest median tax bill is also $733.00 in the same zip code.
Average Morrison Assessed Value
$119,200
Average Cannon County Assessed Value
$129,400
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morrison, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37357 | $32,900 | $59,850 | $119,200 | $224,000 | $337,000 |
Source: Ownwell
Property Tax Bills Across Morrison, Tennessee
In Morrison, TN, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. The local tax rate is then applied to this assessed value. For instance, with a median home price of $119,200, the assessed value is determined by multiplying this figure by the state-assigned assessment ratio. This assessed value is then multiplied by the local tax rate to calculate the property tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions. Homeowners in Morrison may find their tax bills falling within a wide range. For example, the tax bill at the 25th percentile is $368, while at the 75th percentile, it rises to $1,378. At the 90th percentile, it can reach up to $2,073. These variations highlight how different property characteristics and local tax rates can significantly impact what homeowners owe. Understanding these factors is crucial for budgeting and financial planning.
Average Morrison Tax Bill
$733
Average Cannon County Tax Bill
$846
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Morrison, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37357 | $202 | $368 | $733 | $1,378 | $2,073 |
Source: Ownwell