Fairmont, Nebraska Property Taxes
The median property tax rate in Fairmont, NE is 1.70%, which is significantly higher than the national median of 0.99% yet slightly below the Nebraska state median of 1.75%. With a median home value of $73,480 in Fairmont, the typical annual property tax bill amounts to $1,109, falling below the national median of $2,690. Property taxes in Fairmont are calculated based on the assessed value, which is often lower than the market value due to various exemptions like those for primary residences and agricultural properties. By understanding Fairmont's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether residing in the heart of Fairmont or another part of the city, gaining insights into the local property tax system is crucial for financial planning and investment strategies.
Last Updated June 14, 2024
Fairmont, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.7%
Estimate Property Tax Bill
$1,249
Ownwell’s Fairmont Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Fairmont with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Fairmont to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for tax calculations, considering any applicable exemptions.
Property Tax Rates Across Fairmont, Nebraska
Property taxes in Fairmont, Nebraska, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Fairmont is 1.70%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Fairmont set these rates annually, and they can vary considerably across different neighborhoods. Each year, Fairmont 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 Fairmont's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68354 zip code has the highest median property tax rate of 1.70%, while the same zip code also has the lowest median tax rate of 1.70%. Understanding how these cities compare with Fairmont provides valuable insights into the varying tax landscape across Fillmore County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairmont Tax Rate
1.70%
Average Fillmore County Tax Rate
1.63%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairmont, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68354 | 0.95% | 0.97% | 1.70% | 1.70% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Fairmont, Nebraska
In Fairmont, 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 Fillmore 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 Fairmont, 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. The median home price in Fairmont is $73,480, and tax bills can range significantly, with the 25th percentile at $556 and the 75th percentile at $2,455. Notably, the highest and lowest median tax bills are both found in the 68354 zip code, each at $1,109. By understanding 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 Fairmont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fairmont Assessed Value
$73,480
Average Fillmore County Assessed Value
$93,580
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairmont, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68354 | $20,514 | $34,035 | $73,480 | $167,788 | $656,308 |
Source: Ownwell
Property Tax Bills Across Fairmont, Nebraska
In Fairmont, located in Fillmore 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 market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the size, location, and condition of the property. Homeowners in Fairmont can expect a range of property tax bills, with the 25th percentile at $556 and the 75th percentile reaching $2,455. For those in the 90th percentile, the tax bill can soar to $6,803, significantly impacting household budgets. Compared to the national median property tax rate of 0.99%, Fairmont's property tax rates can vary widely, reflecting the diverse property values within the area. Homeowners must stay informed about their property's assessed value and the local tax rate to better manage their financial planning and obligations.
Average Fairmont Tax Bill
$1,109
Average Fillmore County Tax Bill
$1,380
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairmont, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68354 | $334 | $556 | $1,109 | $2,455 | $6,803 |
Source: Ownwell