Sparks, Nebraska Property Taxes
The median property tax rate in Sparks, NE is 0.87%, which is lower than both the national median of 0.99% and the Nebraska state median of 1.75%. With a median home value of $59,924 in Sparks, the typical annual property tax bill is $400, significantly below the national median of $2,690. Property taxes in Sparks are calculated based on the assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Sparks' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Sparks 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
Sparks, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$521
Ownwell’s Sparks Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sparks with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sparks 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 Sparks, Nebraska
Property taxes in Sparks, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sparks is 0.87%, which is below the U.S. national median of 0.99%. Local government entities within Sparks set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sparks 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 Sparks' effective property tax rate to other areas in the region and the national median. For comparison, the zip code 69220 has both the highest and lowest median property tax rate of 0.87%, reflecting the uniformity in tax rates within this region. Understanding how these figures compare with Sparks provides valuable insights into the varying tax landscape across Cherry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sparks Tax Rate
0.87%
Average Cherry County Tax Rate
0.87%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sparks, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69220 | 0.70% | 0.82% | 0.87% | 0.88% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Sparks, Nebraska
In Sparks, 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 Cherry 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 Sparks, 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 Sparks helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Cherry County is $400 in the 69220 zip code, while the lowest median tax bill is also $400 in the same zip code.
Average Sparks Assessed Value
$59,924
Average Cherry County Assessed Value
$139,100
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sparks, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69220 | $7,789 | $13,104 | $59,924 | $265,751 | $304,743 |
Source: Ownwell
Property Tax Bills Across Sparks, Nebraska
In Sparks, Cherry 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. Factors that influence the assessed value include the home's market value, location, and any improvements or renovations made to the property. For homeowners in Sparks, the median home price is $59,924. Property tax bills can vary significantly, with the 25th percentile tax bill at $113 and the 75th percentile reaching $2,199. At the 90th percentile, homeowners might see tax bills as high as $2,462. These variations can impact homeowners differently, depending on their property's assessed value and the corresponding tax rate. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for evaluating local tax burdens. Understanding how these factors interplay can help homeowners in Sparks better anticipate their annual property tax obligations and plan accordingly.
Average Sparks Tax Bill
$400
Average Cherry County Tax Bill
$1,288
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Sparks, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69220 | $67 | $113 | $400 | $2,199 | $2,462 |
Source: Ownwell