Murray, Iowa Property Taxes
The median property tax rate in Murray, IA is 1.53%, slightly lower than the Iowa state median of 1.54% but still considerably higher than the national median of 0.99%. With the median home value in Murray, the typical annual property tax bill reaches $2,345, which is below the national median of $2,690. Property taxes in Murray 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 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, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.53%
Estimate Property Tax Bill
$2,285
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, Iowa
Property taxes in Murray, Iowa, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Murray is 1.53%, higher than both the Iowa 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. The data below compares Murray's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50174 zip code has the highest median property tax rate of 1.53%, while the 50174 zip code has the lowest median tax rate of 1.53%. Understanding how these cities compare with Murray provides valuable insights into the varying tax landscape across Union County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Murray Tax Rate
1.53%
Average Union County Tax Rate
1.84%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Murray, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50174 | 1.38% | 1.50% | 1.53% | 1.56% | 1.59% |
Source: Ownwell
Property Tax Assessment Values Across Murray, Iowa
In Murray, Iowa, 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 Union 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. Being aware of these valuation processes in Murray helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 50174 has the highest and lowest median tax bill at $2,345.
Average Murray Assessed Value
$149,345
Average Union County Assessed Value
$97,050
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Murray, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50174 | $81,068 | $107,600 | $149,345 | $192,110 | $285,686 |
Source: Ownwell
Property Tax Bills Across Murray, Iowa
In Murray, located in Union County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Murray is $149,345, which provides a baseline for understanding local tax obligations. Several factors influence the final tax bill, including the property's assessed value, any applicable exemptions, and the specific tax rates set by local taxing authorities. For instance, homeowners in the 25th percentile pay around $1,550 annually, while those in the 75th percentile see bills closer to $2,881. At the higher end, the 90th percentile tax bill reaches $4,110. Comparing this to the national median property tax rate of 0.99%, homeowners in Murray might find their tax rates relatively manageable, depending on their property's assessed value. Understanding these factors helps homeowners anticipate their annual tax responsibilities and plan accordingly.
Average Murray Tax Bill
$2,345
Average Union County Tax Bill
$1,746
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Murray, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50174 | $1,315 | $1,550 | $2,345 | $2,881 | $4,110 |
Source: Ownwell