Marquette, Nebraska Property Taxes
The median property tax rate in Marquette, Nebraska is 1.20%, which is higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in Marquette, the typical annual property tax bill reaches $2,351, slightly below the national median of $2,690. Property taxes in Marquette are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Marquette'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 Marquette 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
Marquette, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$2,344
Ownwell’s Marquette Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marquette with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marquette 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 Marquette, Nebraska
Property taxes in Marquette, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marquette is 1.20%, significantly higher than the U.S. national median of 0.99%. Local government entities within Marquette set these rates annually, and they can vary considerably across different neighborhoods. Each year, Marquette 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 Marquette's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68854 zip code has the highest median property tax rate of 1.20%, while the same zip code also has the lowest median tax rate of 1.20%. Understanding how these areas compare with Marquette provides valuable insights into the varying tax landscape across Hamilton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marquette Tax Rate
1.20%
Average Hamilton County Tax Rate
1.50%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marquette, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68854 | 1.11% | 1.11% | 1.20% | 1.20% | 1.77% |
Source: Ownwell
Property Tax Assessment Values Across Marquette, Nebraska
In Marquette, 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 local appraisal district 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 Marquette, 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 Marquette helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Marquette is $195,305, with the lowest and highest median tax bills both being $2,351 in zip code 68854.
Average Marquette Assessed Value
$195,305
Average Hamilton County Assessed Value
$155,855
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marquette, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68854 | $39,288 | $87,768 | $195,305 | $364,521 | $630,202 |
Source: Ownwell
Property Tax Bills Across Marquette, Nebraska
In Marquette, Hamilton County, NE, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local government assessors who evaluate the market value of the property. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $195,305, homeowners can expect varying tax bills depending on their property's assessed value and the specific tax rate applied. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. Homeowners in the 25th percentile of tax bills pay around $1,241 annually, while those in the 75th percentile see bills closer to $4,457. At the higher end, the 90th percentile tax bill can reach up to $7,531. These taxes fund essential local services such as schools, roads, and emergency services, directly impacting the quality of life and property values in the community.
Average Marquette Tax Bill
$2,351
Average Hamilton County Tax Bill
$2,134
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Marquette, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68854 | $630 | $1,241 | $2,351 | $4,457 | $7,531 |
Source: Ownwell