Cambridge, Nebraska Property Taxes
The median property tax rate in Cambridge, Nebraska is 1.86%, considerably higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in Cambridge at $89,035, the typical annual property tax bill reaches $1,565, which is below the national median of $2,690. Property taxes in Cambridge are calculated based on the tax assessed value, which typically falls below the market value due to various 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
1.86%
Estimate Property Tax Bill
$1,656
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, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cambridge is 1.86%, significantly higher 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 69022 zip code has both the highest and lowest median property tax rate of 1.86%. Understanding how these cities compare with Cambridge provides valuable insights into the varying tax landscape across Furnas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cambridge Tax Rate
1.86%
Average Furnas County Tax Rate
1.80%
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 | 1.35% | 1.86% | 1.86% | 1.86% | 1.86% |
Source: Ownwell
Property Tax Assessment Values Across Cambridge, Nebraska
In Cambridge, 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 Furnas 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. Being aware of these valuation processes in Cambridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Cambridge is $89,035, with tax bills ranging from $837 at the 25th percentile to $4,322 at the 90th percentile. The zip code 69022 has both the highest and lowest median tax bill, at $1,565.
Average Cambridge Assessed Value
$89,035
Average Furnas County Assessed Value
$62,290
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 | $29,786 | $48,401 | $89,035 | $164,241 | $263,057 |
Source: Ownwell
Property Tax Bills Across Cambridge, Nebraska
In Cambridge, property tax bills are calculated based on the assessed value of your home, which is determined by the Furnas County Assessor’s Office. The median home price in Cambridge is $89,035. Property taxes are then applied to this assessed value at the local tax rate. Factors such as property size, location, and any improvements or renovations can influence the assessed value. Homeowners in Cambridge can expect to pay a wide range of property taxes. For instance, the tax bill at the 25th percentile is $837, while at the 75th percentile, it rises to $2,777. The highest tax bills, at the 90th percentile, can reach up to $4,322. Comparing this to the national median property tax rate of 0.99%, Cambridge's property taxes can vary significantly, impacting homeowners differently. High property taxes can affect affordability, while lower taxes can make homeownership more accessible. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Cambridge Tax Bill
$1,565
Average Furnas County Tax Bill
$1,054
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 | $500 | $837 | $1,565 | $2,777 | $4,322 |
Source: Ownwell