Murdock, Minnesota Property Taxes
The median property tax rate in Murdock, MN is 0.78%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value in Murdock of $193,100, the typical annual property tax bill is $1,588, falling below the national median of $2,690. Property taxes in Murdock 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 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 Chippewa County, 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
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
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 0.78%, which is lower than both the Minnesota state median of 1.05% 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 areas in Minnesota and the national median. For comparison, the zip code 56271 in Chippewa County has both the highest and lowest median property tax rate of 0.78%. Understanding how these areas compare with Murdock provides valuable insights into the varying tax landscape across Chippewa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Murdock Tax Rate
0.78%
Average Chippewa County Tax Rate
1.23%
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 | 0.58% | 0.66% | 0.78% | 0.87% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Murdock, Minnesota
In Murdock, Minnesota, 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 Chippewa 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. 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 Murdock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1588, found in zip code 56271.
Average Murdock Assessed Value
$193,100
Average Chippewa County Assessed Value
$136,650
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 | $146,340 | $156,400 | $193,100 | $382,300 | $681,340 |
Source: Ownwell
Property Tax Bills Across Murdock, Minnesota
In Murdock, Chippewa County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value reflects the market value of the property, which in Murdock has a median home price of $193,100. This figure is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the tax bill, including the property's location, improvements, and market conditions. For instance, homes in the 25th percentile of tax bills pay around $1,186, while those in the 75th percentile pay about $3,546, and the 90th percentile sees tax bills as high as $4,356. This variation in tax bills can significantly affect homeowners, impacting their annual budgeting and long-term financial planning. Compared to the national median property tax rate of 0.99%, the local rates in Chippewa County may vary, but they are essential in funding community services such as schools, infrastructure, and emergency services, directly influencing the quality of life in Murdock.
Average Murdock Tax Bill
$1,588
Average Chippewa County Tax Bill
$1,622
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 | $982 | $1,186 | $1,588 | $3,546 | $4,356 |
Source: Ownwell