Murtaugh, Twin Falls County, Idaho Property Taxes
The median property tax rate in Murtaugh, Idaho is 0.61%, which is lower than the national median of 0.99% but higher than the Idaho state median of 0.50%. With the median home value in Murtaugh at $295,563, the typical annual property tax bill reaches $1,946, falling below the national median of $2,690. Property taxes in Murtaugh are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Murtaugh'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 Murtaugh or another part of Twin Falls County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Murtaugh, Twin Falls County, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$1,803
$1,673
Ownwell’s Murtaugh Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Murtaugh with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Murtaugh 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 Murtaugh, Twin Falls County, Idaho
Property taxes in Murtaugh, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Murtaugh is 0.61%, which is lower than the U.S. national median of 0.99%. Local government entities within Murtaugh set these rates annually, and they can vary significantly across different neighborhoods. Each year, Murtaugh 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 Murtaugh's effective property tax rate to other areas in Twin Falls County and the national median. For comparison, the zip code 83344 has the highest median property tax rate of 0.61%, while the same zip code also has the lowest median tax rate of 0.61%. Understanding how these areas compare with Murtaugh provides valuable insights into the varying tax landscape across Twin Falls County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Murtaugh Tax Rate
0.61%
Average Twin Falls County Tax Rate
0.51%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Murtaugh, Twin Falls County, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83344 | 0.42% | 0.51% | 0.61% | 0.89% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Murtaugh, Twin Falls County, Idaho
In Murtaugh, 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 Twin Falls 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 Murtaugh, 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 Murtaugh helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 83344, with a median tax bill of $1,946, which is below the national median property tax rate of 0.99%.
Property Tax Assessment Values Across Murtaugh, Twin Falls County, Idaho
Source: Ownwell
$70,269
$228,309
$386,348
Average Murtaugh Assessed Value
$295,563
Average Twin Falls County Assessed Value
$313,924
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Murtaugh, Twin Falls County, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83344 | $92,899 | $188,225 | $295,563 | $408,852 | $596,371 |
Source: Ownwell
Property Tax Bills Across Murtaugh, Twin Falls County, Idaho
In Murtaugh, property tax bills are calculated based on the assessed value of a home, which is determined by the Twin Falls County assessor's office. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $295,563, homeowners can expect varying tax bills. At the 25th percentile, tax bills are around $1,224, whereas at the 75th percentile, they rise to approximately $3,105. The highest tax bills, reaching the 90th percentile, can be as much as $4,862. These tax bills are influenced by several factors, including property location, market conditions, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Murtaugh's tax rates can be seen as relatively moderate or high, depending on the specific property and its assessed value. For homeowners, understanding these factors is crucial, as property taxes significantly impact annual housing costs and overall financial planning.
Average Murtaugh Tax Bill
$1,946
Average Twin Falls County Tax Bill
$1,816
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Murtaugh, Twin Falls County, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83344 | $869 | $1,224 | $1,946 | $3,105 | $4,862 |
Source: Ownwell