Gibbon, Nebraska Property Taxes
The median property tax rate in Gibbon, NE is 1.40%, which is higher than the national median of 0.99% but lower than Nebraska's state median of 1.75%. With a median home value of $205,720, the typical annual property tax bill in Gibbon reaches $2,549, slightly below the national median of $2,690. Property taxes in Gibbon are calculated based on the tax assessed value, which is generally lower than the market value due to exemptions like the primary residence and agricultural exemptions. By understanding Gibbon's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether you're in the heart of Gibbon or another part of Kearney County, a thorough grasp of the local property tax system is essential for maximizing financial benefits.
Last Updated June 14, 2024
Gibbon, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.4%
Estimate Property Tax Bill
$2,880
Ownwell’s Gibbon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gibbon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gibbon 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 Gibbon, Nebraska
Property taxes in Gibbon, Nebraska, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gibbon is 1.40%, significantly higher than the U.S. national median of 0.99%. Local government entities within Gibbon set these rates annually, and they can vary across different neighborhoods. Each year, Gibbon 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 Gibbon's effective property tax rate to other areas in Nebraska and the national median. For comparison, the highest median property tax rate in Kearney County is also 1.40%, while the lowest is the same at 1.40%. Understanding how these cities compare with Gibbon provides valuable insights into the varying tax landscape across Kearney County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gibbon Tax Rate
1.40%
Average Kearney County Tax Rate
1.71%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gibbon, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68840 | 1.27% | 1.40% | 1.40% | 1.40% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Gibbon, Nebraska
In Gibbon, 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 Kearney 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 Gibbon, 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 Gibbon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 68840, with a value of $2,549.
Average Gibbon Assessed Value
$205,720
Average Kearney County Assessed Value
$148,680
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gibbon, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68840 | $33,342 | $83,060 | $205,720 | $276,675 | $380,820 |
Source: Ownwell
Property Tax Bills Across Gibbon, Nebraska
In Gibbon, located in Kearney County, NE, property tax bills are calculated based on the assessed value of a home and the applicable tax rate. The assessed value is determined by local assessors who evaluate the property’s market value. Homeowners in Gibbon face a range of property tax bills. For example, the 25th percentile tax bill is $1,103, while the 75th percentile tax bill rises to $3,857, and the 90th percentile tax bill reaches $5,323. Factors such as property size, location, and improvements can influence the assessed value, which in turn affects the tax bill. The median home price in Gibbon is $205,720, and the property tax rate in this region can significantly impact homeowners’ annual expenses. Compared to the national median property tax rate of 0.99%, Gibbon’s property tax rates highlight the variability homeowners may experience. This variability underscores the importance of understanding local tax assessments and their implications on financial planning for homeowners.
Average Gibbon Tax Bill
$2,549
Average Kearney County Tax Bill
$2,442
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Gibbon, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68840 | $425 | $1,103 | $2,549 | $3,857 | $5,323 |
Source: Ownwell