Trumbull, Nebraska Property Taxes
The median property tax rate in Trumbull, Nebraska is 1.18%, which is higher than the national median of 0.99% but lower than the Nebraska state median of 1.75%. With a median home value of $201,480 in Trumbull, the typical annual property tax bill amounts to $2,388, slightly below the national median of $2,690. Property taxes in Trumbull are calculated based on the assessed value, which is often less than the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Trumbull'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 Trumbull 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
Trumbull, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$2,377
Ownwell’s Trumbull Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Trumbull with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Trumbull 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 Trumbull, Nebraska
Property taxes in Trumbull, Nebraska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Trumbull is 1.18%, higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Trumbull set these rates annually, and they can vary significantly across different neighborhoods. Each year, Trumbull 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 Trumbull's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68980 zip code has the highest median property tax rate of 1.18%, while the lowest median tax rate is also 1.18%. Understanding how these cities compare with Trumbull 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 Trumbull Tax Rate
1.18%
Average Hamilton County Tax Rate
1.50%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Trumbull, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68980 | 1.11% | 1.17% | 1.18% | 1.18% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Trumbull, Nebraska
In Trumbull, 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 Hamilton County 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 Trumbull, 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 Trumbull helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 68980 has both the highest and lowest median tax bill, standing at $2,388.
Average Trumbull Assessed Value
$201,480
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 Trumbull, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68980 | $131,720 | $159,422 | $201,480 | $308,445 | $1,232,288 |
Source: Ownwell
Property Tax Bills Across Trumbull, Nebraska
In Trumbull, property tax bills are calculated based on the assessed value of the property, which is determined by the Hamilton County Assessor's Office. The tax rate is applied to this assessed value to determine the annual property tax bill. Various factors, such as property size, location, and improvements, influence the assessed value. For instance, the median home price in Trumbull is $201,480, and property tax bills can vary significantly within the city. Homeowners in the 25th percentile can expect to pay around $1,889 annually, while those in the 75th percentile might see bills as high as $3,640. The top 10% of homeowners face property tax bills nearing $13,668. These figures are relatively high compared to the national median property tax rate of 0.99%, indicating that property taxes in Trumbull can be a substantial financial consideration for residents. Understanding these factors can help homeowners better anticipate their annual property tax obligations and plan their finances accordingly.
Average Trumbull Tax Bill
$2,388
Average Hamilton County Tax Bill
$2,134
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Trumbull, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68980 | $1,368 | $1,889 | $2,388 | $3,640 | $13,668 |
Source: Ownwell