Norman, Nebraska Property Taxes
The median property tax rate in Norman, Nebraska is 1.37%, considerably higher than the national median of 0.99% but lower than Nebraska's state median of 1.75%. With the median home value in Norman, the typical annual property tax bill reaches $463, which is significantly below the national median of $2,690. Property taxes in Norman 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 Norman'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 Norman 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
Norman, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$526
Ownwell’s Norman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Norman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Norman 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 Norman, Nebraska
Property taxes in Norman, Nebraska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Norman is 1.37%, significantly higher than the U.S. national median of 0.99%. Local government entities within Norman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Norman 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 Norman's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68959 zip code has the highest median property tax rate of 1.37%, while the same zip code also has the lowest median tax rate of 1.37%. Understanding how these areas compare with Norman 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 Norman Tax Rate
1.37%
Average Kearney County Tax Rate
1.71%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Norman, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68959 | 1.27% | 1.37% | 1.37% | 1.37% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Norman, Nebraska
In Norman, 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. 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 Norman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Norman, the zip code with the highest median tax bill is 68959, with a value of $463, while the lowest median tax bill is also in zip code 68959, reflecting the localized nature of property taxes in this area.
Average Norman Assessed Value
$38,410
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 Norman, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68959 | $6,952 | $15,088 | $38,410 | $78,726 | $163,075 |
Source: Ownwell
Property Tax Bills Across Norman, Nebraska
In Norman, located in Kearney County, NE, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects a percentage of the property's market value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Factors that influence the tax bill include the home's assessed value, local tax levies, and any applicable exemptions or deductions. For homeowners in Norman, the median home price is $38,410. Property tax bills can vary significantly, with the 25th percentile tax bill at $188 and the 75th percentile reaching $1,048. At the 90th percentile, homeowners might see tax bills as high as $2,327. This variation affects homeowners differently, depending on their property's assessed value and any applicable exemptions. Comparatively, the national median property tax rate is 0.99%, placing Norman's property tax scenario in a unique context for residents.
Average Norman Tax Bill
$463
Average Kearney County Tax Bill
$2,442
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Norman, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68959 | $93 | $188 | $463 | $1,048 | $2,327 |
Source: Ownwell