Morristown, Tennessee Property Taxes
The median property tax rate in Morristown, TN is 0.54%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Morristown at $84,800, the typical annual property tax bill amounts to $456, well below the national median of $2,690. Property taxes in Morristown 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 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, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.54%
Estimate Property Tax Bill
$458
$425
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, Tennessee
Property taxes in Morristown, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morristown is 0.54%, 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 counties in Tennessee and the national median. For comparison, the 37814 zip code has the highest median property tax rate of 0.54%, while it also has the lowest median tax rate of 0.54%. Understanding how these cities compare with Morristown provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morristown Tax Rate
0.54%
Average Washington County Tax Rate
0.54%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morristown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37814 | 0.54% | 0.54% | 0.54% | 0.54% | 0.54% |
Source: Ownwell
Property Tax Assessment Values Across Morristown, Tennessee
In Morristown, 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 Washington 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. 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 Morristown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $456, found in zip code 37814.
Average Morristown Assessed Value
$84,800
Average Washington County Assessed Value
$131,500
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morristown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37814 | $84,800 | $84,800 | $84,800 | $84,800 | $84,800 |
Source: Ownwell
Property Tax Bills Across Morristown, Tennessee
Property tax bills in Morristown, Washington County, TN, are determined by assessing the value of a property and applying the local tax rate to this assessed value. The median home price in Morristown is $84,800, significantly lower than the national median home price. The property tax rate in Morristown is applied uniformly, resulting in tax bills that are consistent across different percentiles. For instance, the 25th, 75th, and 90th percentiles of tax bills all stand at $456, which is also the highest and lowest median tax bill in the area, specifically in the 37814 zip code. This uniformity means homeowners can expect predictable property tax bills, which can aid in financial planning. Compared to the national median property tax rate of 0.99%, Morristown offers a stable and manageable tax environment for its residents. This consistency in property tax bills can be a significant factor for potential homeowners considering a move to Morristown, as it ensures a level of financial predictability and stability.
Average Morristown Tax Bill
$456
Average Washington County Tax Bill
$882
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Morristown, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37814 | $456 | $456 | $456 | $456 | $456 |
Source: Ownwell