Morrison, Tennessee Property Taxes
The median property tax rate in Morrison, TN is 0.58%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Morrison at $82,350, the typical annual property tax bill is $451, which is well below the national median of $2,690. Property taxes in Morrison are calculated based on the assessed value, which often falls below the market value due to 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
0.58%
Estimate Property Tax Bill
$478
$443
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%, which is 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 37357 zip code has the highest median property tax rate of 0.58%, while the lowest median tax rate is also 0.58%. Understanding how these cities compare with Morrison provides valuable insights into the varying tax landscape across Grundy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morrison Tax Rate
0.58%
Average Grundy County Tax Rate
0.60%
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 | 0.51% | 0.53% | 0.58% | 0.60% | 0.61% |
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 Grundy County Assessor of Property 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 median home price in Morrison is $82,350, with tax bills ranging from $280 at the 25th percentile to $1,264 at the 90th percentile. The zip code 37357 has both the highest and lowest median tax bill at $451.
Average Morrison Assessed Value
$82,350
Average Grundy County Assessed Value
$82,800
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 | $34,580 | $47,525 | $82,350 | $173,525 | $238,000 |
Source: Ownwell
Property Tax Bills Across Morrison, Tennessee
In Morrison, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Morrison is $82,350. The tax rate is applied to this assessed value to determine the annual tax bill. Factors such as the property's location within Grundy County and any applicable exemptions can influence the final amount. Homeowners in Morrison experience a range of property tax bills. For instance, the 25th percentile tax bill is $280, while the 75th percentile reaches $928. Those at the 90th percentile can expect to pay around $1,264. The highest median tax bill in the area is $451, which is consistent across the zip code 37357. The property tax rate in Morrison plays a significant role in determining how much homeowners pay annually. Compared to the national median property tax rate of 0.99%, Morrison's tax rates offer a relatively affordable option for residents, impacting their overall cost of living and homeownership expenses.
Average Morrison Tax Bill
$451
Average Grundy County Tax Bill
$512
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 | $186 | $280 | $451 | $928 | $1,264 |
Source: Ownwell