Phillips, Nebraska Property Taxes
The median property tax rate in Phillips, NE is 1.11%, slightly higher than the national median of 0.99% but lower than the Nebraska state median of 1.75%. With the median home value in Phillips at $159,755, the typical annual property tax bill amounts to $1,956, which is below the national median of $2,690. Property taxes in Phillips are calculated based on the tax assessed value, often less than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Phillips' 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 the city, 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
1.11%
Estimate Property Tax Bill
$1,773
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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Phillips is 1.75%, significantly higher than both the Nebraska state median of 1.61% 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' effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68865 zip code has the highest median property tax rate of 1.75%, while the same zip code also has the lowest median tax rate of 1.75%. Understanding how these areas compare with Phillips 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 Phillips Tax Rate
1.11%
Average Hamilton County Tax Rate
1.50%
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 | 1.10% | 1.11% | 1.11% | 1.54% | 1.54% |
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 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 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 $1,956 in zip code 68865, while the lowest is also $1,956 in the same zip code.
Average Phillips Assessed Value
$159,755
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 Phillips, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68865 | $37,004 | $79,441 | $159,755 | $297,686 | $577,493 |
Source: Ownwell
Property Tax Bills Across Phillips, Nebraska
In Phillips, NE, property tax bills are calculated based on the assessed value of a home. This value is determined by the local assessor's office and reflects the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. For example, in Hamilton County, where Phillips is located, the tax bill can vary significantly. Homeowners in the 25th percentile can expect to pay around $1,153 annually, while those in the 75th percentile might see bills as high as $3,682. At the 90th percentile, the tax bill can reach up to $6,456. These figures highlight the variability in tax bills based on property values and local tax rates. Compared to the national median property tax rate of 0.99%, Phillips' rates can lead to substantial differences in annual expenses for homeowners, impacting their overall financial planning and homeownership costs.
Average Phillips Tax Bill
$1,956
Average Hamilton County Tax Bill
$2,134
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 | $490 | $1,153 | $1,956 | $3,682 | $6,456 |
Source: Ownwell