Murdock, Nebraska Property Taxes
The median property tax rate in Murdock, Nebraska is 1.48%, higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in Murdock at $226,586, the typical annual property tax bill reaches $3,364, significantly exceeding the national median of $2,690. Property taxes in Murdock 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 Murdock'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 Murdock 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
Murdock, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.48%
Estimate Property Tax Bill
$3,353
Ownwell’s Murdock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Murdock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Murdock 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 Murdock, Nebraska
Property taxes in Murdock, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Murdock is 1.48%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Murdock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Murdock 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 Murdock's effective property tax rate to other counties in Nebraska and the national median. For comparison, the zip code 68407 has the highest median property tax rate of 1.48%, while the same zip code also has the lowest median tax rate of 1.48%. Understanding how these cities compare with Murdock provides valuable insights into the varying tax landscape across Cass County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Murdock Tax Rate
1.48%
Average Cass County Tax Rate
1.72%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Murdock, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68407 | 1.46% | 1.48% | 1.48% | 1.61% | 1.61% |
Source: Ownwell
Property Tax Assessment Values Across Murdock, Nebraska
In Murdock, Nebraska, 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 Cass 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 Murdock, 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 Murdock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $3364 in zip code 68407, while the lowest median tax bill is also $3364 in the same zip code.
Average Murdock Assessed Value
$226,586
Average Cass County Assessed Value
$194,901
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Murdock, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68407 | $67,826 | $136,700 | $226,586 | $336,909 | $552,331 |
Source: Ownwell
Property Tax Bills Across Murdock, Nebraska
In Murdock, property tax bills are determined based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value of the property, which is periodically evaluated by the county assessor. The local tax rate in Cass County is then applied to this assessed value to calculate the annual property tax bill. Several factors influence the final tax amount, including the property's location, size, and condition, as well as any applicable exemptions or abatements. For instance, the median home price in Murdock is $226,586, and property tax bills can vary significantly. Homeowners in the 25th percentile pay around $2,052, while those in the 75th percentile see bills as high as $5,009. At the 90th percentile, the tax bill can reach up to $8,133. These property taxes contribute to local services such as schools, emergency services, and infrastructure. However, the financial impact on homeowners can be substantial, especially when compared to the national median property tax rate of 0.99%.
Average Murdock Tax Bill
$3,364
Average Cass County Tax Bill
$3,260
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Murdock, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68407 | $613 | $2,052 | $3,364 | $5,009 | $8,133 |
Source: Ownwell