Morristown, Hancock County, Indiana Property Taxes
Median Morristown, Indiana effective property tax rate: 0.60%, significantly lower than the national median of 1.02%, but lower than the Indiana state median of 0.99%.
Median Morristown, Indiana home value: $250,350
Median annual Morristown, Indiana tax bill: $1,642, $758 lower than the national median property tax bill of $2,400.
How are property taxes in Hancock calculated?
Property taxes in Morristown, Indiana are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Morristown’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Morristown, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Morristown, Hancock County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.6%
Estimate Property Tax Bill
$1,502
$1,394
Property Tax Rates Across Morristown, Hancock County, Indiana
Local government entities set tax rates, which can vary widely within a state. This variation is due to the fact that each county annually estimates its required budget for services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While votes and laws influence the setting of tax rates and budgets, this is essentially the annual process.
In Morristown, located in Shelby County, Indiana, the effective property tax rate is 0.60%. This rate is consistent with the highest and lowest median rates within the state, which are also 0.60%. When compared to the national median property tax rate of 1.02%, Morristown's rate is significantly lower. This can be a considerable advantage for property owners in the area, as they may benefit from lower property tax bills compared to the national median.
Understanding these differences can be crucial for property owners and potential buyers in assessing the financial implications of property ownership in Morristown and beyond.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Morristown Tax Rate
0.60%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Hancock County Tax Rate
0.80%
Median Effective Indiana Tax Rate
0.99%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Morristown, Hancock County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46161 | 0.35% | 0.51% | 0.60% | 0.68% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Morristown, Hancock County, Indiana
When examining property taxes in Morristown, Indiana, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Hancock County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
Assessment notices:
In Hancock County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Morristown.
For example, the median home price in Morristown is $250,350, with tax bills ranging significantly across the county. Zip code 46161 has the highest median home price at $250,350.
Property Tax Assessment Values Across Morristown, Hancock County, Indiana
Source: Ownwell
$110,750
$211,525
$312,300
Median Morristown Market Value
$250,350
Median Hancock County Market Value
$247,000
Median Indiana Market Value
$170,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Morristown, Hancock County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46161 | $144,210 | $175,525 | $250,350 | $308,650 | $373,730 |
Source: Ownwell
Property Tax Bills Across Morristown, Hancock County, Indiana
Median Morristown Tax Bill
$1,642
Median Hancock County Tax Bill
$2,024
Median Indiana Tax Bill
$1,691
Median United States Tax Bill
$2,400
Property Tax Bills Across Morristown, Hancock County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46161 | $477 | $1,001 | $1,642 | $2,066 | $2,652 |
Source: Ownwell