Murray, Kentucky Property Taxes
The median property tax rate in Murray, KY is 0.80%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $118,500 in Murray, the typical annual property tax bill amounts to $643, significantly below the national median of $2,690. Property taxes in Murray are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Murray's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Murray or another part of Graves County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Murray, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
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, Kentucky
Property taxes in Murray, Kentucky, 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 0.80%, which is lower than 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 Kentucky and the national median. For comparison, the 42071 zip code has both the highest and lowest median property tax rate of 0.80%. Understanding how these cities compare with Murray provides valuable insights into the varying tax landscape across Graves County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Murray Tax Rate
0.80%
Average Graves County Tax Rate
0.67%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Murray, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42071 | 0.28% | 0.52% | 0.80% | 0.86% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Murray, Kentucky
In Murray, Kentucky, 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 Graves 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 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 highest median tax bill in Murray is $643 in the 42071 zip code, while the lowest median tax bill is also $643 in the same zip code.
Average Murray Assessed Value
$118,500
Average Graves County Assessed Value
$80,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Murray, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42071 | $24,960 | $41,500 | $118,500 | $178,450 | $450,000 |
Source: Ownwell
Property Tax Bills Across Murray, Kentucky
In Murray, located in Graves County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, the median home price in Murray is $118,500, and property tax bills can vary widely. Homeowners in the 25th percentile can expect to pay around $374 annually, while those in the 75th percentile might see bills as high as $1,113. At the 90th percentile, tax bills can reach up to $1,515. These tax bills impact homeowners by influencing their overall housing costs and budgeting. Compared to the national median property tax rate of 0.99%, Murray's property taxes can be considered relatively moderate. Understanding these factors helps homeowners anticipate their annual expenses and plan accordingly.
Average Murray Tax Bill
$643
Average Graves County Tax Bill
$394
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Murray, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42071 | $144 | $374 | $643 | $1,113 | $1,515 |
Source: Ownwell