Martell, Nebraska Property Taxes
The median property tax rate in Martell, NE is 1.22%, considerably higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in Martell, the typical annual property tax bill reaches $4,420, exceeding the national median of $2,690. Property taxes in Martell 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 Martell'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 Martell 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
Martell, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.22%
Estimate Property Tax Bill
$4,545
Ownwell’s Martell Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Martell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Martell 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 Martell, Nebraska
Property taxes in Martell, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Martell is 1.22%, which is higher than the U.S. national median of 0.99%. Local government entities within Martell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Martell 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 Martell's effective property tax rate to other areas in Lancaster County and the national median. For comparison, the zip code 68404 has both the highest and lowest median property tax rate at 1.22%. Understanding how these areas compare with Martell provides valuable insights into the varying tax landscape across Lancaster County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Martell Tax Rate
1.22%
Average Lancaster County Tax Rate
1.51%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Martell, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68404 | 1.01% | 1.15% | 1.22% | 1.32% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Martell, Nebraska
In Martell, 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 Lancaster County Assessor 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 Martell, 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 Martell 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 $4,420 in zip code 68404, which is also the lowest median tax bill, highlighting a uniformity in tax assessments within this region.
Average Martell Assessed Value
$372,550
Average Lancaster County Assessed Value
$238,100
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Martell, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68404 | $144,200 | $225,900 | $372,550 | $446,250 | $544,050 |
Source: Ownwell
Property Tax Bills Across Martell, Nebraska
In Martell, located in Lancaster County, NE, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as location, property size, and market conditions influence the assessed value. For homeowners in Martell, the property tax bills can vary significantly. The 25th percentile tax bill is approximately $2,914, while the 75th percentile tax bill is around $5,417. At the higher end, the 90th percentile tax bill reaches $6,613. These figures reflect the diverse range of property values in the area. The median home price in Martell is $372,550, and the property tax rate in Lancaster County is crucial for homeowners to consider. Compared to the national median property tax rate of 0.99%, understanding these local figures helps homeowners budget accordingly and anticipate their annual property tax obligations.
Average Martell Tax Bill
$4,420
Average Lancaster County Tax Bill
$3,561
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Martell, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68404 | $1,461 | $2,914 | $4,420 | $5,417 | $6,613 |
Source: Ownwell