Phillips, Nebraska Property Taxes
The median property tax rate in Phillips, NE is 1.29%, which is higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With a median home value of $260,555 in Phillips, the typical annual property tax bill reaches $3,330, surpassing the national median of $2,690. Property taxes in Phillips are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Phillips'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 Phillips or another part of Hall County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Phillips, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.29%
Estimate Property Tax Bill
$3,361
Ownwell’s Phillips Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Phillips with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Phillips 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 Phillips, Nebraska
Property taxes in Phillips, Nebraska, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Phillips is 1.29%, higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Phillips set these rates annually, and they can vary significantly across different neighborhoods. Each year, Phillips 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 Phillips's effective property tax rate to other counties in Nebraska and the national median. For comparison, the zip code 68865 has the highest median property tax rate of 1.29%, while the same zip code also represents the lowest median tax rate of 1.29%. Understanding how these areas compare with Phillips provides valuable insights into the varying tax landscape across Hall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Phillips Tax Rate
1.29%
Average Hall County Tax Rate
1.65%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Phillips, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68865 | 0.84% | 1.28% | 1.29% | 1.32% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Phillips, Nebraska
In Phillips, 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 Hall County Assessor's Office 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 Phillips, 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 Phillips helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is found in zip code 68865, with a value of $3,330.
Average Phillips Assessed Value
$260,555
Average Hall County Assessed Value
$168,820
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Phillips, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68865 | $181,443 | $217,317 | $260,555 | $361,132 | $452,885 |
Source: Ownwell
Property Tax Bills Across Phillips, Nebraska
In Phillips, located in Hall County, NE, property tax bills are calculated based on the assessed value of the property. This assessed value is determined by the county assessor and reflects a percentage of the market value. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence the assessed value, including the property's location, size, and condition. For homeowners in Phillips, the median home price is $260,555. Tax bills in Phillips can vary significantly; for instance, the tax bill at the 25th percentile is $2,306, while at the 75th percentile, it rises to $4,771. At the 90th percentile, homeowners might see a tax bill as high as $6,108. These property taxes are crucial for funding 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%, homeowners in Phillips might experience varying levels of financial obligation based on their property's assessed value.
Average Phillips Tax Bill
$3,330
Average Hall County Tax Bill
$2,705
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Phillips, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68865 | $1,486 | $2,306 | $3,330 | $4,771 | $6,108 |
Source: Ownwell