Murphy, Tennessee Property Taxes
The median property tax rate in Murphy, TN is 0.63%, which is lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Murphy being $22,900, the typical annual property tax bill is $144, significantly less than the national median of $2,690. Property taxes in Murphy are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Murphy'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 Murphy 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
Murphy, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$144
Ownwell’s Murphy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Murphy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Murphy 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 Murphy, Tennessee
Property taxes in Murphy, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Murphy is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Murphy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Murphy 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 Murphy's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 28906 has both the highest and lowest median property tax rate of 0.63%. Understanding how these areas compare with Murphy provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Murphy Tax Rate
0.63%
Average Polk County Tax Rate
0.63%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Murphy, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28906 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Murphy, Tennessee
In Murphy, Tennessee, 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 local 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 Murphy, 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. For instance, the median home price in Murphy is $22,900. The tax bill can vary significantly, with the 25th percentile at $94 and the 75th percentile at $354, while the 90th percentile reaches $600. 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 Murphy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Murphy Assessed Value
$22,900
Average Polk County Assessed Value
$48,850
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Murphy, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28906 | $7,260 | $14,850 | $22,900 | $56,325 | $95,520 |
Source: Ownwell
Property Tax Bills Across Murphy, Tennessee
In Murphy, located in Polk County, TN, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessed value is a percentage of the property's market value. Once the assessed value is established, local tax rates are applied to calculate the annual tax bill. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions. For example, the median home price in Murphy is $22,900, and tax bills can vary significantly. The 25th percentile tax bill is around $94, while the 75th percentile reaches $354, and the 90th percentile can be as high as $600. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Homeowners in Murphy may find their property tax bills to be relatively moderate compared to the national median property tax rate of 0.99%, which can alleviate some financial burden while still contributing to essential community services.
Average Murphy Tax Bill
$144
Average Polk County Tax Bill
$310
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Murphy, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28906 | $46 | $94 | $144 | $354 | $600 |
Source: Ownwell