Panama, Nebraska Property Taxes
The median property tax rate in Panama, NE is 1.61%, notably higher than the national median of 0.99% but slightly lower than the Nebraska state median of 1.75%. With a median home value of $220,850 in Panama, the typical annual property tax bill amounts to $3,368, surpassing the national median of $2,690. Property taxes in Panama are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Panama'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 Panama or another part of Lancaster County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Panama, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.61%
Estimate Property Tax Bill
$3,556
Ownwell’s Panama Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Panama with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Panama 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 Panama, Nebraska
Property taxes in Panama, Nebraska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Panama is 1.61%, significantly higher than the U.S. national median of 0.99%. Local government entities within Panama set these rates annually, and they can vary significantly across different neighborhoods. Each year, Panama 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 Panama's effective property tax rate to other areas in Lancaster County and the national median. For comparison, the zip code 68419 has both the highest and lowest median property tax rate of 1.61%. Understanding how these areas compare with Panama 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 Panama Tax Rate
1.61%
Average Lancaster County Tax Rate
1.51%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Panama, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68419 | 1.20% | 1.47% | 1.61% | 1.71% | 1.83% |
Source: Ownwell
Property Tax Assessment Values Across Panama, Nebraska
In Panama, 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 Panama, 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. For instance, the highest median tax bill in Panama is $3,368 in zip code 68419, while the lowest is also $3,368 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Panama Assessed Value
$220,850
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 Panama, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68419 | $123,110 | $157,850 | $220,850 | $271,975 | $340,410 |
Source: Ownwell
Property Tax Bills Across Panama, Nebraska
In Panama, located in Lancaster County, NE, property tax bills are determined based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the market value of the property, which is determined by the county assessor. This value is then multiplied by the local property tax rate to calculate the annual tax bill. The median home price in Panama is $220,850, which serves as a basis for these calculations. Homeowners in Panama can expect property tax bills that vary significantly, with the 25th percentile tax bill at $2,622 and the 75th percentile reaching $4,351. The 90th percentile tax bill can go as high as $4,985. These figures indicate that while some homeowners may pay below the national median property tax rate of 0.99%, others may face considerably higher bills. This variability can significantly impact household budgets, making it crucial for homeowners to understand how their property taxes are calculated and what factors influence their tax obligations.
Average Panama Tax Bill
$3,368
Average Lancaster County Tax Bill
$3,561
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Panama, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68419 | $1,718 | $2,622 | $3,368 | $4,351 | $4,985 |
Source: Ownwell