Murray, Graves County, Kentucky Property Taxes
Median Murray, KY effective property tax rate: 0.80%, significantly lower than the national median of 1.02%, but lower than the Kentucky state median of 1.02%.
Median Murray, KY home value: $118,500
Median annual Murray, KY tax bill: $643, $1,757 lower than the national median property tax bill of $2,400.
How are property taxes in Graves County calculated?
Property taxes in Murray, KY are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Murray’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Murray, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Murray, Graves County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.8%
Estimate Property Tax Bill
$948
$880
Property Tax Rates Across Murray, Graves County, Kentucky
Local government entities are responsible for setting property tax rates, which can significantly differ within a state. Each year, counties estimate the budget needed to provide essential services and then divide this by the total assessed value of all taxable property within their jurisdiction. This calculation determines the property tax rate. While voting and legislation play roles in finalizing tax rates and budgets, this is the core process followed annually.
In Murray, located in Calloway County, Kentucky, the property tax rate is shaped by these local processes. Comparing Murray’s effective property tax rate to other cities within Kentucky and the national median offers insight into how it stands in relation to broader benchmarks. Kentucky's median property tax rate is below the national median of 1.02%, which can be appealing for property owners seeking lower tax obligations. Understanding these rates helps property owners make informed decisions about appealing their property tax assessments, potentially leading to significant savings.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Murray Tax Rate
0.80%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Graves County Tax Rate
0.67%
Median Effective Kentucky Tax Rate
1.02%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Murray, Graves County, 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, Graves County, Kentucky
When examining property taxes in Murray, KY, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Graves County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Graves County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Murray.
For example, the median home price in Murray is $118,500, with tax bills ranging significantly across the county. Zip code 42071 has the highest median home price at $118,500.
Property Tax Assessment Values Across Murray, Graves County, Kentucky
Source: Ownwell
$13,500
$76,750
$140,000
Median Murray Market Value
$118,500
Median Graves County Market Value
$80,000
Median Kentucky Market Value
$110,000
Median United States Market Value
$235,294
Property Tax Assessment Values Across Murray, Graves County, 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, Graves County, Kentucky
Median Murray Tax Bill
$643
Median Graves County Tax Bill
$394
Median Kentucky Tax Bill
$1,031
Median United States Tax Bill
$2,400
Property Tax Bills Across Murray, Graves County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42071 | $144 | $374 | $643 | $1,113 | $1,515 |
Source: Ownwell