Murphy, North Carolina Property Taxes
The median property tax rate in Murphy, NC is 0.71%, which is notably lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $138,610 in Murphy, the typical annual property tax bill amounts to $942, significantly below the national median of $2,690. Property taxes in Murphy are determined based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Murphy's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Murphy or another part of Cherokee County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Murphy, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$984
Ownwell’s Murphy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Murphy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Murphy 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 Murphy, North Carolina
Property taxes in Murphy, North Carolina, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Murphy is 0.71%, which is lower than the U.S. national median of 0.99%. Local government entities within Murphy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Murphy 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 Murphy's effective property tax rate to other areas in North Carolina and the national median. For comparison, the 28906 zip code has a median property tax rate of 0.71%, reflecting the uniformity within Murphy. Understanding how these rates compare with other regions provides valuable insights into the varying tax landscape across Cherokee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Murphy Tax Rate
0.71%
Average Cherokee County Tax Rate
0.71%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Murphy, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28906 | 0.48% | 0.68% | 0.71% | 0.75% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Murphy, North Carolina
In Murphy, North Carolina, 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 Cherokee 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 Murphy, 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. The median home price in Murphy is $138,610, with tax bills ranging from $514 at the 25th percentile to $1,978 at the 90th percentile. The zip code 28906 has both the highest and lowest median tax bills, each at $942. 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 Murphy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Murphy Assessed Value
$138,610
Average Cherokee County Assessed Value
$128,225
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Murphy, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28906 | $35,320 | $78,435 | $138,610 | $206,765 | $288,640 |
Source: Ownwell
Property Tax Bills Across Murphy, North Carolina
In Murphy, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the Cherokee County tax assessor. The assessed value is a percentage of the market value of the property. To calculate the tax bill, this assessed value is multiplied by the local tax rate. The median home price in Murphy is $138,610, and the property tax rate in Cherokee County is 0.68%, which is lower than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including property size, location, and improvements. For example, the tax bill at the 25th percentile is $514, while at the 75th percentile, it rises to $1,412. Homeowners in the 90th percentile pay around $1,978. These variations show how different property characteristics can significantly impact tax obligations. Understanding these factors helps homeowners in Murphy anticipate their property tax bills and plan their finances accordingly.
Average Murphy Tax Bill
$942
Average Cherokee County Tax Bill
$869
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Murphy, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28906 | $202 | $514 | $942 | $1,412 | $1,978 |
Source: Ownwell