Murphy, Texas Property Taxes
The median property tax rate in Murphy, TX is 1.50%, considerably higher than both the national median of 0.99% and the Texas state median of 1.67%. With the median home value in Murphy at $558,596, the typical annual property tax bill reaches $8,615, significantly exceeding the national median of $2,690. Property taxes in Murphy 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 Murphy'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 Murphy 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
Murphy, Texas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.5%
Estimate Property Tax Bill
$8,379
$7,753
$1,148
Average Murphy, Texas Tax Savings
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 not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in Murphy. 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, Texas
Property taxes in Murphy, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Murphy is 1.50%, higher than both the Texas state median and 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 counties in Texas and the national median. For comparison, the 75094 zip code has the highest median property tax rate of 1.50%, while the same zip code also has the lowest median tax rate of 1.50%. Understanding how these cities compare with Murphy provides valuable insights into the varying tax landscape across Collin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Murphy Tax Rate
1.50%
Average Collin County Tax Rate
1.60%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Murphy, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75094 | 1.41% | 1.45% | 1.50% | 1.69% | 1.72% |
Source: Ownwell
$1,148
Average Murphy Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Murphy, Texas
In Murphy, Texas, 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 Collin 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 in Murphy 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. In Murphy, the median home price is $558,596, with annual tax bills ranging from $7,175 at the 25th percentile to $11,869 at the 90th percentile. The zip code 75094 has the highest and lowest median tax bill of $8,615. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Murphy Assessed Value
$558,596
Average Collin County Assessed Value
$477,029
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Murphy, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75094 | $411,257 | $467,222 | $558,596 | $665,718 | $758,251 |
Source: Ownwell
$1,148
Average Murphy Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Murphy, Texas
In Murphy, property tax bills are calculated based on the assessed value of your home, which is determined by the Collin County appraisal district. This assessed value is then multiplied by the local tax rate to determine the total tax bill. For example, with a median home price of $558,596, the property tax bill can vary significantly. Homeowners in the 25th percentile pay around $7,175, while those in the 75th percentile pay about $10,236. The 90th percentile sees tax bills as high as $11,869, indicating how much property taxes can impact household budgets. Ownwell helps homeowners in Murphy reduce their property tax bills by providing expert property tax appeal and exemption services. Our team reviews your property’s assessed value and identifies any discrepancies or opportunities for exemptions, ensuring you only pay your fair share. By leveraging local market data and our extensive expertise, we can effectively lower your property tax burden, offering significant savings and peace of mind.
Average Murphy Tax Bill
$8,615
Average Collin County Tax Bill
$7,555
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Murphy, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 75094 | $6,203 | $7,175 | $8,615 | $10,236 | $11,869 |
Source: Ownwell
$1,148
Average Murphy Tax Savings
Save on your property taxes & more with Ownwell.
Don't miss the deadline to protest!
Dates | |
|---|---|
| Appeal Deadline | May 15 |
| Tax Bill | |
| Issued | October 1 |
| Due Date #1 | November 30 |
| Due Date #2 | June 30 |
Links | |
|---|---|
| Collin Appraisal District | |
| Phone | (469) 742-9200 |
| Website | esearch.collincad.org |
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