Bancroft, Nebraska Property Taxes
The median property tax rate in Bancroft, NE is 1.37%, which is considerably higher than both the national median of 0.99% and Nebraska's state median of 1.75%. With the median home value in Bancroft, the typical annual property tax bill reaches $1,658, exceeding the national median of $2,690. Property taxes in Bancroft are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bancroft'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 Bancroft 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
Bancroft, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$1,797
Ownwell’s Bancroft Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bancroft with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bancroft 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 Bancroft, Nebraska
Property taxes in Bancroft, Nebraska, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Bancroft is 1.37%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Bancroft set these rates annually, and they can vary considerably across different neighborhoods. Each year, Bancroft 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 foundation for setting property tax rates. The data below compares Bancroft's effective property tax rate to other counties in Nebraska and the national median. For comparison, the zip code 68004 has the highest median property tax rate of 1.37%, while the same zip code also has the lowest median tax rate of 1.37%. Understanding how these cities compare with Bancroft provides valuable insights into the varying tax landscape across Burt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bancroft Tax Rate
1.37%
Average Burt County Tax Rate
2.13%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bancroft, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68004 | 1.19% | 1.26% | 1.37% | 1.49% | 1.56% |
Source: Ownwell
Property Tax Assessment Values Across Bancroft, Nebraska
In Bancroft, 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 Burt 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 Bancroft, 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. The median home price in Bancroft is $131,196, with property tax bills ranging from $1,393 at the 25th percentile to $2,082 at the 90th percentile. The highest and lowest median tax bills in the area are both $1,658, occurring in the 68004 zip code. Being aware of these valuation processes in Bancroft helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bancroft Assessed Value
$131,196
Average Burt County Assessed Value
$83,382
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bancroft, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68004 | $82,457 | $100,734 | $131,196 | $161,657 | $179,934 |
Source: Ownwell
Property Tax Bills Across Bancroft, Nebraska
In Bancroft, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Burt County. The assessed value is determined by the county assessor and reflects the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. In Burt County, the median home price is $131,196, and property tax rates are consistent with the national median of 0.99%. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For instance, homeowners in the 25th percentile can expect a tax bill around $1,393, while those in the 75th percentile might see bills closer to $1,923. At the 90th percentile, tax bills can reach up to $2,082. These taxes are crucial for funding local services such as schools, public safety, and infrastructure, directly impacting the quality of life for Bancroft residents. With the highest and lowest median tax bills both at $1,658 in zip code 68004, homeowners can anticipate relatively stable property tax obligations.
Average Bancroft Tax Bill
$1,658
Average Burt County Tax Bill
$1,641
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Bancroft, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68004 | $1,234 | $1,393 | $1,658 | $1,923 | $2,082 |
Source: Ownwell