Broken Bow, Nebraska Property Taxes
The median property tax rate in Broken Bow, NE is 1.84%, significantly higher than both the national median of 0.99% and Nebraska's state median of 1.75%. With the median home value in Broken Bow at $109,509, the typical annual property tax bill reaches $1,796, which is below the national median of $2,690. Property taxes in Broken Bow are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Broken Bow'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 Broken Bow 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
Broken Bow, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.84%
Estimate Property Tax Bill
$2,015
Ownwell’s Broken Bow Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Broken Bow with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Broken Bow 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 Broken Bow, Nebraska
Property taxes in Broken Bow, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Broken Bow is 1.84%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Broken Bow set these rates annually, and they can vary significantly across different neighborhoods. Each year, Broken Bow 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 Broken Bow's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68822 zip code has the highest median property tax rate of 1.84%, while the same zip code also has the lowest median tax rate of 1.84%. Understanding how these cities compare with Broken Bow provides valuable insights into the varying tax landscape across Custer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Broken Bow Tax Rate
1.84%
Average Custer County Tax Rate
1.38%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Broken Bow, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68822 | 1.21% | 1.25% | 1.84% | 1.84% | 1.84% |
Source: Ownwell
Property Tax Assessment Values Across Broken Bow, Nebraska
In Broken Bow, 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 Custer 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 Broken Bow, 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 Broken Bow helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Custer County is 68822, both at $1796.
Average Broken Bow Assessed Value
$109,509
Average Custer County Assessed Value
$99,711
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Broken Bow, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68822 | $36,693 | $64,676 | $109,509 | $182,408 | $313,232 |
Source: Ownwell
Property Tax Bills Across Broken Bow, Nebraska
In Broken Bow, located in Custer County, NE, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate to calculate the annual tax bill. For example, with a median home price of $109,509, homeowners in Broken Bow can expect their property tax bill to vary significantly. The 25th percentile tax bill stands at $1,028, while the 75th percentile reaches $2,908, and the 90th percentile can go up to $4,507. Factors influencing these calculations include the property's market value, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Broken Bow’s rates can lead to varying tax burdens for homeowners. This variability in tax bills can significantly impact household budgets, making it essential for homeowners to understand how their property taxes are determined and to explore potential avenues for tax relief.
Average Broken Bow Tax Bill
$1,796
Average Custer County Tax Bill
$1,435
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Broken Bow, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68822 | $549 | $1,028 | $1,796 | $2,908 | $4,507 |
Source: Ownwell