Morrison, Tennessee Property Taxes
The median property tax rate in Morrison, TN is 0.58%, which is significantly lower than both the national median of 0.99% and Tennessee's state median of 0.64%. With a median home value of $130,050 in Morrison, the typical annual property tax bill amounts to $761, well below the national median of $2,690. Property taxes in Morrison are calculated based on the assessed value, which is often lower than the market value due to exemptions like primary residence and agricultural exemptions. Gaining a thorough understanding of Morrison's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Morrison or another part of Coffee County, 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
0.58%
Estimate Property Tax Bill
$754
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 0.58%, significantly lower than both the Tennessee 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 Tennessee and the national median. For comparison, the zip code 37357 has both the highest and lowest median property tax rate of 0.58%. Understanding how these cities compare with Morrison provides valuable insights into the varying tax landscape across Coffee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morrison Tax Rate
0.58%
Average Coffee County Tax Rate
0.59%
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 | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
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 Coffee 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 37357, with a median tax bill of $761.00, which is significantly lower than the national median property tax rate of 0.99%.
Average Morrison Assessed Value
$130,050
Average Coffee County Assessed Value
$105,900
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 | $25,930 | $48,900 | $130,050 | $208,100 | $321,370 |
Source: Ownwell
Property Tax Bills Across Morrison, Tennessee
In Morrison, located in Coffee County, TN, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Morrison, the median home price is $130,050. Property tax bills can vary significantly, with the 25th percentile at $294 and the 75th percentile reaching $1,215, while those at the 90th percentile can see bills as high as $1,897. These tax bills are influenced by several factors, including property location, market conditions, and any applicable exemptions. For instance, properties within the zip code 37357 have a median tax bill of $761. Compared to the national median property tax rate of 0.99%, Morrison's tax rates may offer some relief to homeowners. Understanding these elements is crucial for homeowners to budget effectively and potentially seek appeals or exemptions to reduce their tax burden.
Average Morrison Tax Bill
$761
Average Coffee County Tax Bill
$805
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 | $151 | $294 | $761 | $1,215 | $1,897 |
Source: Ownwell