Example of Morrison County Property Tax Calculation
Morrison County calculates property taxes based on the value of the property. To determine the amount of property tax owed, the county multiplies the assessed value of the property by the current tax rate.
For example, if a property in Morrison County has an assessed value of $100,000 and the current tax rate is 1.5%, the property owner would owe $1,500 in property taxes.
It is important to note that property values and tax rates can change from year to year, so the amount of property tax owed may fluctuate accordingly. Property owners will receive an annual statement from the county outlining their property's assessed value and the amount of taxes owed.
If you want appeal your property tax assessment - contact your local tax assessor.
Morrison County Property Tax Rates
The following table shows the property tax rates for Morrison County as of the current year, in US dollars per $100 of assessed value:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County | $0.463 |
| City | $0.000 to $20.114 (depending on location) |
| School District | $0.896 to $6.159 (depending on location and type of property) |
| Special Districts | Varies by district |
Note that the exact rates may vary depending on the specific location and type of property. It is advised to consult with a tax professional for personalized advice.
Who sets property tax rates in Morrison County ?
Property Tax Rates in Morrison County
Property tax rates in Morrison County are set by the Morrison County Board of Commissioners. They do this annually in December during the budgeting process for the following year.
The Board of Commissioners is responsible for determining the county's budget, and a portion of that budget is allocated for property taxes. The taxes collected from property owners are used to fund various county services, such as road maintenance, law enforcement, and local government operations.
It's important to note that property tax rates can vary depending on the specific location within the county. Property owners should check with their local assessor's office for more information on the property tax rates in their area.
In summary, the Morrison County Board of Commissioners sets property tax rates on an annual basis during the budgeting process in December. The taxes collected from property owners fund various county services.
Homestead exemptions in Morrison County ?
In Morrison County, Minnesota, there are a variety of Homestead exemptions and deductions available to eligible property owners. Let's take a closer look at each of these and their respective details.
Homestead Exemptions
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Homestead | Must be the primary residence | Up to $30,400 of the property's value | Reduces property taxes |
| Agricultural | Must be actively used for agricultural purposes | Up to 70% reduction in property value | Must annually certify eligibility |
| Disabled | Must have a qualifying disability | Up to $120,000 of the property's value | Must annually certify eligibility |
| Veterans | Must have served in the military | Up to $300,000 of the property's value | Must have served during a qualifying period |
Homestead Deductions
| Deduction | Eligibility | Amount | Notes |
|---|---|---|---|
| Blind/Disabled | Must have a qualifying condition | Up to $1,200 reduction in property value | Must annually certify eligibility |
| Surviving Spouse | Must be the surviving spouse of a deceased property owner | Up to $300,000 of the property's value | Must meet certain criteria |
It's important to note that eligibility requirements and amounts may vary for each exemption and deduction. Property owners in Morrison County should consult with their local government to determine which exemptions and deductions they may be eligible for and how to apply. These exemptions and deductions can provide significant savings on property taxes, so it's worth exploring all options.
When is Morrison County Property Tax due ?
Morrison County property taxes are typically due on May 15th each year. However, if May 15th falls on a weekend or holiday, the due date is extended to the next business day.
There are several payment methods available for Morrison County property taxes:
- Online: Payments can be made online using a credit or debit card. There is a convenience fee for this method of payment.
- Mail: Payments can be mailed to the Morrison County Treasurer's office. Checks should be made payable to "Morrison County Treasurer" and should include the property's parcel identification number (PIN).
- In-person: Payments can be made in-person at the Morrison County Treasurer's office. Cash, check, or credit card payments are accepted.
It's important to note that failure to pay property taxes on time can result in penalties and interest charges. If a property owner is unable to pay their taxes by the due date, they should contact the Morrison County Treasurer's office to discuss payment plan options.
If you have more questions - contact your local tax collector.
How is Morrison County Property Tax penalty calculated ?
Morrison County Property Tax Penalty Calculation
When a property owner fails to pay their property taxes on time, they are subject to penalties and interest. The penalty is calculated based on a percentage of the unpaid taxes and can vary based on the length of time the taxes have remained unpaid.
The Morrison County Tax Penalty is calculated as follows:
| Time Elapsed | Penalty Percentage |
|---|---|
| 1-30 days | 2% |
| 31-60 days | 4% |
| 61-90 days | 6% |
| 91 or more days | 8% |
For example, suppose a property owner in Morrison County owes $2,000 in property taxes due by January 1st. If they fail to pay their taxes until March 31st, they will face a 6% penalty fee on top of their initial $2,000 taxes due, resulting in an additional $120 penalty fee.
It is important to note that interest charges will also accrue on unpaid taxes, which can further increase the cost of delinquent taxes. Therefore, it is crucial for property owners to pay their taxes on time to avoid unnecessary expenses.
Overall, the Morrison County Property Tax Penalty is a straightforward calculation based on the amount of time the taxes have remained unpaid, making it easy for property owners to understand and plan accordingly.
We recommend contacting the Morrison County Tax Office or a local tax professional for the most up-to-date and accurate information.