Lawrence, Nebraska Property Taxes
The median property tax rate in Lawrence, Nebraska is 1.12%, 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 $365,760 in Lawrence, the typical annual property tax bill amounts to $4,102, surpassing the national median of $2,690. Property taxes in Lawrence are calculated based on the assessed value, which is often less than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Lawrence'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 Lawrence 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
Lawrence, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$4,097
Ownwell’s Lawrence Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lawrence with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lawrence 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 Lawrence, Nebraska
Property taxes in Lawrence, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lawrence is 1.12%, higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Lawrence set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lawrence 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 Lawrence's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68957 zip code has the highest median property tax rate of 1.12%, while the same zip code also has the lowest median tax rate of 1.12%. Understanding how these areas compare with Lawrence provides valuable insights into the varying tax landscape across Clay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lawrence Tax Rate
1.12%
Average Clay County Tax Rate
1.67%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lawrence, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68957 | 1.12% | 1.12% | 1.12% | 1.12% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Lawrence, Nebraska
In Lawrence, 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 Clay 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 Lawrence, 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 Lawrence helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 68957 has the highest and lowest median tax bill at $4,102, reflecting the consistency in property valuations within the area.
Average Lawrence Assessed Value
$365,760
Average Clay County Assessed Value
$85,465
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lawrence, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68957 | $249,008 | $292,790 | $365,760 | $410,235 | $436,920 |
Source: Ownwell
Property Tax Bills Across Lawrence, Nebraska
In Lawrence, located in Clay County, NE, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value and applies a percentage to reach the assessed value. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's size, location, and condition. Market trends and recent sales of comparable properties in the area also play a significant role. For homeowners in Lawrence, the median home price is $365,760, resulting in varying tax bills. For instance, the tax bill at the 25th percentile is $3,286, while at the 75th percentile, it rises to $4,591. At the 90th percentile, homeowners can expect to pay around $4,884. These property taxes significantly impact homeowners by contributing to local services such as schools, infrastructure, and public safety, ensuring the community's overall well-being.
Average Lawrence Tax Bill
$4,102
Average Clay County Tax Bill
$1,360
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Lawrence, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68957 | $2,796 | $3,286 | $4,102 | $4,591 | $4,884 |
Source: Ownwell