Farnam, Nebraska Property Taxes
The median property tax rate in Farnam, NE is 0.85%, which is lower than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in Farnam at $139,703, the typical annual property tax bill amounts to $1,031, falling below the national median of $2,690. Property taxes in Farnam are calculated based on the tax assessed value, which often comes in lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. By understanding Farnam's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether you're in the heart of Farnam or another part of Frontier County, gaining insight into the local property tax system will provide substantial benefits.
Last Updated June 14, 2024
Farnam, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$1,187
Ownwell’s Farnam Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farnam with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farnam 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 Farnam, Nebraska
Property taxes in Farnam, Nebraska, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Farnam is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Farnam set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farnam 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 Farnam's effective property tax rate to other counties in Nebraska and the national median. For comparison, the zip code 69029 has both the highest and lowest median property tax rate of 0.85%, mirroring Farnam's rate. Understanding how these areas compare with Farnam 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 Farnam Tax Rate
0.85%
Average Frontier County Tax Rate
1.50%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farnam, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69029 | 0.58% | 0.69% | 0.85% | 1.09% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Farnam, Nebraska
In Farnam, 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 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 Farnam, 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. For example, the median home price in Farnam is $139,703, with tax bills ranging from $901 at the 25th percentile to $1,355 at the 90th percentile. The zip code with the highest and lowest median tax bill is 69029, both at $1,031. 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 Farnam helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Farnam Assessed Value
$139,703
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 Farnam, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69029 | $51,156 | $105,918 | $139,703 | $150,378 | $190,816 |
Source: Ownwell
Property Tax Bills Across Farnam, Nebraska
In Farnam, 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, who evaluates the property's market value and applies an assessment ratio. Homeowners in Farnam face a median property tax rate that is competitive compared to the national median of 0.99%. Several factors influence the tax bill, including the property's location, size, and improvements. For instance, the median home price in Farnam is $139,703, resulting in varying tax bills. Homeowners at the 25th percentile pay around $901, while those at the 75th percentile see bills closer to $1107. At the 90th percentile, tax bills can reach approximately $1355. These property taxes significantly impact homeowners by influencing their overall housing costs. A higher tax bill can affect affordability and the long-term investment value of the property. Understanding these factors helps homeowners manage their expenses effectively.
Average Farnam Tax Bill
$1,031
Average Frontier County Tax Bill
$1,097
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Farnam, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69029 | $497 | $901 | $1,031 | $1,107 | $1,355 |
Source: Ownwell