Herman, Nebraska Property Taxes
The median property tax rate in Herman, NE is 1.25%, which is higher than the national median of 0.99% but lower than the Nebraska state median of 1.75%. With a median home value of $441,071 in Herman, the typical annual property tax bill amounts to $5,489, significantly surpassing the national median of $2,690. Property taxes in Herman are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like primary residence and agricultural exemptions. Gaining a thorough understanding of Herman's property tax system, exploring available exemptions, and seeking opportunities for reductions can lead to substantial annual savings. Whether you're residing in the heart of Herman or another part of the city, mastering the local property tax system will be advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Herman, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.25%
Estimate Property Tax Bill
$5,513
Ownwell’s Herman Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Herman with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Herman to provide an estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Herman, Nebraska
Property taxes in Herman, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Herman is 1.25%, significantly higher than both the Nebraska state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Herman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Herman 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 Herman's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68029 zip code has the highest median property tax rate of 1.25%, while the same zip code also has the lowest median tax rate of 1.25%. Understanding how these cities compare with Herman 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 Herman Tax Rate
1.25%
Average Burt County Tax Rate
2.13%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Herman, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68029 | 1.21% | 1.23% | 1.25% | 1.26% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Herman, Nebraska
In Herman, 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 local 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 Herman, 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 Herman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 68029, with a tax bill of $5,489.00.
Average Herman Assessed Value
$441,071
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 Herman, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68029 | $67,983 | $136,072 | $441,071 | $857,552 | $1,560,187 |
Source: Ownwell
Property Tax Bills Across Herman, Nebraska
In Herman, located in Burt County, NE, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $441,071, homeowners in Herman can expect varied tax bills. The 25th percentile tax bill is around $1,558, while those in the 75th percentile face tax bills up to $10,360. At the higher end, the 90th percentile tax bill can reach $19,104. Factors influencing these calculations include the property's market value, local tax rates, and any applicable exemptions. These property taxes significantly impact homeowners, influencing their overall cost of living and financial planning. Compared to the national median property tax rate of 0.99%, homeowners in Herman might experience different financial burdens depending on their property’s assessed value and the specific local tax rate applied.
Average Herman Tax Bill
$5,489
Average Burt County Tax Bill
$1,641
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Herman, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68029 | $808 | $1,558 | $5,489 | $10,360 | $19,104 |
Source: Ownwell