Lexington, Nebraska Property Taxes
The median property tax rate in Lexington, NE is 1.06%, slightly higher than the national median of 0.99% but lower than the Nebraska state median of 1.75%. With the median home value in Lexington at $322,389, the typical annual property tax bill reaches $3,419, surpassing the national median of $2,690. Property taxes in Lexington are calculated based on the assessed value, which often falls below the market value due to exemptions like primary residence and agricultural exemptions. Understanding Lexington'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 Lexington 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
Lexington, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$3,417
Ownwell’s Lexington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lexington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lexington 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 Lexington, Nebraska
Property taxes in Lexington, Nebraska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lexington is 1.06%, higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Lexington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lexington 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 Lexington's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68850 zip code has both the highest and lowest median property tax rate of 1.06%. Understanding how these cities compare with Lexington 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 Lexington Tax Rate
1.06%
Average Custer County Tax Rate
1.38%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lexington, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68850 | 1.06% | 1.06% | 1.06% | 1.06% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Lexington, Nebraska
In Lexington, 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 Lexington, 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 Lexington 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 68850, with a median tax bill of $3,419, which is also the lowest in the area.
Average Lexington Assessed Value
$322,389
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 Lexington, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68850 | $322,389 | $322,389 | $322,389 | $322,389 | $322,389 |
Source: Ownwell
Property Tax Bills Across Lexington, Nebraska
In Lexington, Nebraska, property tax bills are determined based on the assessed value of a home multiplied by the local property tax rate. The assessed value is an estimation of the market value of the property, which is then used to calculate the tax owed. Various factors influence this assessed value, including the property's location, size, and condition. Additionally, local government budgets, school districts, and other public services play a significant role in setting the tax rate. For homeowners in Lexington, the property tax rate in Custer County is notably higher than the national median property tax rate of 0.99%. The median home price in Lexington is $322,389, resulting in a median tax bill of $3,419. This figure is consistent across various percentiles, indicating a uniform tax burden for most homeowners in the area. High property tax bills can significantly impact homeowners by increasing the overall cost of owning a home, potentially affecting affordability and financial planning.
Average Lexington Tax Bill
$3,419
Average Custer County Tax Bill
$1,435
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Lexington, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68850 | $3,419 | $3,419 | $3,419 | $3,419 | $3,419 |
Source: Ownwell