Murray, Nebraska Property Taxes
The median property tax rate in Murray, NE is 1.62%, which is considerably higher than the national median of 0.99% but lower than the Nebraska state median of 1.75%. With the median home value in Murray at $174,553, the typical annual property tax bill reaches $2,862, surpassing 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 such as 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, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.62%
Estimate Property Tax Bill
$2,828
$2,624
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, Nebraska
Property taxes in Murray, Nebraska, 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 1.62%, significantly higher than the U.S. national median of 0.99%. Local government entities within Murray set these rates annually, and they can vary 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 Nebraska and the national median. For comparison, the zip code 68409 has the highest median property tax rate of 1.62%, while the same zip code also has the lowest median tax rate of 1.62%. Understanding how these cities compare with Murray provides valuable insights into the varying tax landscape across Cass County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Murray Tax Rate
1.62%
Average Cass County Tax Rate
1.72%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Murray, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68409 | 1.42% | 1.44% | 1.62% | 1.89% | 1.89% |
Source: Ownwell
Property Tax Assessment Values Across Murray, Nebraska
In Murray, Nebraska, 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 Cass 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. Notably, the zip code with the highest median tax bill is 68409, with a median tax bill of $2,862.
Average Murray Assessed Value
$174,553
Average Cass County Assessed Value
$194,901
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Murray, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68409 | $67,196 | $120,008 | $174,553 | $307,870 | $439,624 |
Source: Ownwell
Property Tax Bills Across Murray, Nebraska
In Murray, located in Cass County, NE, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Murray experience a range of tax bills, with the 25th percentile at $1,682 and the 75th percentile at $4,596. For those at the 90th percentile, the tax bill can reach up to $6,411. These amounts are influenced by various factors, including property size, location, and market conditions. The highest median tax bill in the area is $2,862, which is significantly higher than the national median property tax rate of 0.99%. This variation in tax bills can have a substantial impact on homeowners, affecting their annual budgeting and long-term financial planning. Understanding how these factors interplay can help homeowners anticipate their property tax obligations and manage their finances more effectively.
Average Murray Tax Bill
$2,862
Average Cass County Tax Bill
$3,260
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Murray, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68409 | $488 | $1,682 | $2,862 | $4,596 | $6,411 |
Source: Ownwell