Kearney, Nebraska Property Taxes
The median property tax rate in Kearney, NE is 1.75%, considerably higher than the national median of 0.99%. With the median home value in Kearney at $200,332, the typical annual property tax bill reaches $3,440, exceeding the national median of $2,690. Property taxes in Kearney are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Kearney'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 Kearney 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
Kearney, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.75%
Estimate Property Tax Bill
$3,506
Ownwell’s Kearney Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kearney with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kearney 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 Kearney, Nebraska
Property taxes in Kearney, Nebraska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kearney is 1.75%, significantly higher than the U.S. national median of 0.99%. Local government entities within Kearney set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kearney 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 Kearney's effective property tax rate to other areas in Buffalo County and the national median. For comparison, the 68847 zip code has the highest median property tax rate of 1.75%, while the 68849 zip code has the lowest median tax rate of 1.75%. Understanding how these areas compare with Kearney provides valuable insights into the varying tax landscape across Buffalo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kearney Tax Rate
1.75%
Average Buffalo County Tax Rate
1.75%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kearney, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68845 | 1.64% | 1.75% | 1.75% | 1.75% | 1.75% |
| 68847 | 1.64% | 1.75% | 1.75% | 1.75% | 1.75% |
| 68849 | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
Source: Ownwell
Property Tax Assessment Values Across Kearney, Nebraska
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Kearney, Nebraska. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Buffalo County Assessor 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 Kearney, 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 Kearney is $200,332, with tax bills ranging from $2,352 at the 25th percentile to $6,297 at the 90th percentile. The highest median tax bill is in zip code 68845 at $3,699, while the lowest is in zip code 68849 at $591. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kearney Assessed Value
$200,332
Average Buffalo County Assessed Value
$185,962
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kearney, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68845 | $26,393 | $142,048 | $215,205 | $300,791 | $401,906 |
| 68847 | $95,778 | $142,179 | $187,275 | $265,158 | $333,561 |
| 68849 | $33,665 | $33,665 | $33,665 | $33,665 | $33,665 |
Source: Ownwell
Property Tax Bills Across Kearney, Nebraska
In Kearney, located in Buffalo County, NE, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Kearney is approximately $200,332. To determine the tax bill, the assessed value is multiplied by the local tax rate. For example, the median tax bill in Kearney's highest-taxed zip code, 68845, is $3,699, while the lowest median tax bill in zip code 68849 is $591. Factors such as property size, location, and market conditions play a significant role in determining the assessed value. Homeowners in Kearney can expect to pay between $2,352 at the 25th percentile and $6,297 at the 90th percentile, depending on their property's specifics. Compared to the national median property tax rate of 0.99%, Kearney's tax rates can vary significantly, impacting homeowners' financial planning. Understanding these factors helps homeowners anticipate their tax obligations and manage their budgets more effectively.
Average Kearney Tax Bill
$3,440
Average Buffalo County Tax Bill
$3,186
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Kearney, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68845 | $302 | $2,379 | $3,699 | $5,194 | $6,866 |
| 68847 | $1,239 | $2,327 | $3,218 | $4,613 | $5,758 |
| 68849 | $591 | $591 | $591 | $591 | $591 |
Source: Ownwell