Cambridge, Nebraska Property Taxes
The median property tax rate in Cambridge, NE is 0.75%, lower than both the national median of 0.99% and Nebraska's state median of 1.75%. With a median home value of $209,442 in Cambridge, the typical annual property tax bill is $1,538, significantly below the national median of $2,690. Property taxes in Cambridge are calculated based on the assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Cambridge'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 Cambridge 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
Cambridge, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$1,571
Ownwell’s Cambridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cambridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cambridge 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 Cambridge, Nebraska
Property taxes in Cambridge, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cambridge is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Cambridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cambridge 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 Cambridge's effective property tax rate to other counties in Nebraska and the national median. For comparison, the zip code 69022 has both the highest and lowest median property tax rates in the area at 0.75%. Understanding how these cities compare with Cambridge provides valuable insights into the varying tax landscape across Frontier County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cambridge Tax Rate
0.75%
Average Frontier County Tax Rate
1.50%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cambridge, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69022 | 0.59% | 0.74% | 0.75% | 0.81% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Cambridge, Nebraska
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cambridge, Nebraska. 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 Frontier 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 Cambridge, 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. The median home price in Cambridge is $209,442, with the tax bill for the 25th percentile at $986 and the 75th percentile at $1,785. The highest and lowest median tax bills are both $1,538 in the 69022 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cambridge Assessed Value
$209,442
Average Frontier County Assessed Value
$86,548
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cambridge, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69022 | $118,316 | $166,566 | $209,442 | $221,482 | $249,698 |
Source: Ownwell
Property Tax Bills Across Cambridge, Nebraska
In Cambridge, located in Frontier 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 and reflects the market value of the property. For Cambridge, the median home price is $209,442. The property tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. Homeowners in Cambridge can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is $986, while the 75th percentile tax bill is $1,785, and the 90th percentile tax bill reaches $2,190. These property taxes contribute to local services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, Cambridge's rates reflect the local economic conditions and funding needs, affecting homeowners' annual financial planning and overall cost of living.
Average Cambridge Tax Bill
$1,538
Average Frontier County Tax Bill
$1,097
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Cambridge, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69022 | $434 | $986 | $1,538 | $1,785 | $2,190 |
Source: Ownwell