Murdock, Minnesota Property Taxes
The median property tax rate in Murdock, MN is 0.69%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Murdock at $165,500, the typical annual property tax bill reaches $1,126, which is below the national median of $2,690. Property taxes in Murdock are calculated based on the 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, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$1,142
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, Minnesota
Property taxes in Murdock, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Murdock is 0.69%, lower than both the Minnesota 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 Minnesota and the national median. For comparison, the 56271 zip code has the highest median property tax rate of 0.69%, while the 56271 zip code also has the lowest median tax rate of 0.69%. Understanding how these cities compare with Murdock provides valuable insights into the varying tax landscape across Swift County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Murdock Tax Rate
0.69%
Average Swift County Tax Rate
0.99%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Murdock, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56271 | 0.27% | 0.49% | 0.69% | 0.99% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Murdock, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Murdock, Minnesota. 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 Swift 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. The median home price in Murdock stands at $165,500. The 25th percentile tax bill is $612, while the 75th percentile tax bill reaches $1835, and the 90th percentile tax bill is $2966. The highest and lowest median tax bills are both $1126, found in the 56271 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Murdock Assessed Value
$165,500
Average Swift County Assessed Value
$128,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Murdock, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56271 | $15,440 | $73,250 | $165,500 | $337,300 | $839,420 |
Source: Ownwell
Property Tax Bills Across Murdock, Minnesota
In Murdock, MN, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate set by Swift County. The median home price in Murdock is $165,500. Property assessments consider factors such as the property's market value, location, and any improvements or renovations made. For homeowners, this means that changes in the real estate market or property upgrades can significantly impact their tax bill. In Swift County, the property tax bill varies widely. At the 25th percentile, homeowners might pay around $612, while those in the 75th percentile could see bills as high as $1,835. The 90th percentile can reach up to $2,966. The highest median tax bill in the area is $1,126, which is notably higher than the national median property tax rate of 0.99%. Understanding these variables helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Murdock Tax Bill
$1,126
Average Swift County Tax Bill
$1,162
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Murdock, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56271 | $177 | $612 | $1,126 | $1,835 | $2,966 |
Source: Ownwell