Fairbury, Nebraska Property Taxes
The median property tax rate in Fairbury, NE is 2.24%, considerably higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in Fairbury at $59,924, the typical annual property tax bill reaches $1,250, falling below the national median of $2,690. Property taxes in Fairbury 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 Fairbury'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 Fairbury or another part of Jefferson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fairbury, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.24%
Estimate Property Tax Bill
$1,342
Ownwell’s Fairbury Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairbury with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairbury 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 Fairbury, Nebraska
Property taxes in Fairbury, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairbury is 2.24%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Fairbury set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairbury 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 Fairbury's effective property tax rate to other counties in Nebraska and the national median. For comparison, the zip code 68352 has both the highest and lowest median property tax rate of 2.24%. Understanding how these cities compare with Fairbury provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairbury Tax Rate
2.24%
Average Jefferson County Tax Rate
1.75%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairbury, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68352 | 1.49% | 1.51% | 2.24% | 2.24% | 2.24% |
Source: Ownwell
Property Tax Assessment Values Across Fairbury, Nebraska
In Fairbury, 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 Jefferson 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 Fairbury, 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. The median home price in Fairbury is $59,924, with tax bills ranging from $607 at the 25th percentile to $4,945 at the 90th percentile. The highest and lowest median tax bills, both at $1,250, are found in the 68352 zip code. Being aware of these valuation processes in Fairbury helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fairbury Assessed Value
$59,924
Average Jefferson County Assessed Value
$68,781
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairbury, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68352 | $14,690 | $29,708 | $59,924 | $143,115 | $287,297 |
Source: Ownwell
Property Tax Bills Across Fairbury, Nebraska
In Fairbury, Jefferson County, NE, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and is a percentage of the property's market value. Homeowners in Fairbury can expect to pay a median property tax rate of 0.99%, aligning with the national median. For instance, with a median home price of $59,924, a typical property tax bill would be approximately $607 at the 25th percentile, $2,937 at the 75th percentile, and can go up to $4,945 at the 90th percentile. These figures highlight the variability in tax bills depending on property values and specific local assessments. Homeowners should be aware that these taxes fund essential public services such as schools, infrastructure, and emergency services, impacting the overall quality of life in the community. Understanding how these taxes are calculated can help homeowners better manage their financial planning and anticipate their annual expenses.
Average Fairbury Tax Bill
$1,250
Average Jefferson County Tax Bill
$1,295
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairbury, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68352 | $280 | $607 | $1,250 | $2,937 | $4,945 |
Source: Ownwell