Milburn, Nebraska Property Taxes
The median property tax rate in Milburn, NE is 1.11%, 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 $585,853 in Milburn, the typical annual property tax bill amounts to $6,491, significantly surpassing the national median of $2,690. Property taxes in Milburn are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Milburn'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 Milburn 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
Milburn, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$6,503
Ownwell’s Milburn Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Milburn with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Milburn to provide an estimate of 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 Custer County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Milburn, Nebraska
Property taxes in Milburn, Nebraska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milburn is 1.11%, higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Milburn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milburn 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 Milburn's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68813 zip code has the highest median property tax rate of 1.11%, while the 68813 zip code also has the lowest median tax rate of 1.11%. Understanding how these cities compare with Milburn 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 Milburn Tax Rate
1.11%
Average Custer County Tax Rate
1.38%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milburn, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68813 | 1.10% | 1.11% | 1.11% | 1.12% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Milburn, Nebraska
In Milburn, 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 Milburn, 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 Milburn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Milburn, the zip code with the highest median tax bill is 68813, amounting to $6,491.
Average Milburn Assessed Value
$585,853
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 Milburn, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68813 | $421,014 | $482,828 | $585,853 | $688,878 | $750,692 |
Source: Ownwell
Property Tax Bills Across Milburn, Nebraska
In Milburn, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. The median home price in Milburn is $585,853, and homeowners can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is $5,372, while the 75th percentile tax bill reaches $7,610. At the 90th percentile, tax bills can go up to $8,281. Several factors influence these tax bills, including property size, location, and any applicable exemptions. Homeowners in Milburn face a property tax rate that can be compared to the national median of 0.99%, making it crucial for them to understand how these taxes impact their finances. The highest and lowest median tax bills in the county both stand at $6,491, reflecting a consistent range within the area. Understanding these elements helps homeowners better anticipate their annual financial obligations.
Average Milburn Tax Bill
$6,491
Average Custer County Tax Bill
$1,435
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Milburn, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68813 | $4,701 | $5,372 | $6,491 | $7,610 | $8,281 |
Source: Ownwell