Murray, Idaho Property Taxes
The median property tax rate in Murray, Idaho is 0.50%, which aligns with the state median but is significantly lower than the national median of 0.99%. With a median home value of $38,826 in Murray, the typical annual property tax bill amounts to $147, far below the national median of $2,690. Property taxes in Murray are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Murray'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 Murray 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
Murray, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$194
Ownwell’s Murray Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Murray with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Murray 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 Murray, Idaho
Property taxes in Murray, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Murray is 0.50%, which is lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Murray set these rates annually, and they can vary significantly across different neighborhoods. Each year, Murray 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. Understanding how Murray's effective property tax rate compares to other areas in Idaho and the national median provides valuable insights into the varying tax landscape across Shoshone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Murray Tax Rate
0.50%
Average Shoshone County Tax Rate
0.56%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Murray, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83874 | 0.22% | 0.27% | 0.50% | 0.56% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Murray, Idaho
In Murray, Idaho, 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 Shoshone County Assessor 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 Murray, 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. Murray's median home price stands at $38,826, with tax bills ranging significantly. The 25th percentile tax bill is $71, while the 75th percentile reaches $384, and the 90th percentile goes up to $818. The zip code 83874 has the highest and lowest median tax bill at $147. Being aware of these valuation processes in Murray helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Murray Assessed Value
$38,826
Average Shoshone County Assessed Value
$166,384
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Murray, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83874 | $7,062 | $13,436 | $38,826 | $105,962 | $218,092 |
Source: Ownwell
Property Tax Bills Across Murray, Idaho
In Murray, located in Shoshone County, ID, property tax bills are calculated based on the assessed value of a home, which reflects its market value. The local tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. For instance, the median home price in Murray is $38,826, and the property tax bill can range significantly. Homeowners in the 25th percentile might see a tax bill as low as $71, while those in the 75th percentile could pay around $384. At the 90th percentile, the tax bill can reach up to $818. These figures highlight the variability in tax burdens depending on property values and specific circumstances. Compared to the national median property tax rate of 0.99%, Murray's rates offer a relatively affordable tax environment, making it an appealing location for homeowners seeking lower property tax obligations.
Average Murray Tax Bill
$147
Average Shoshone County Tax Bill
$991
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Murray, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83874 | $39 | $71 | $147 | $384 | $818 |
Source: Ownwell