Farnam, Nebraska Property Taxes
The median property tax rate in Farnam, NE is 1.19%, slightly higher than the national median of 0.99%, but lower than Nebraska's state median of 1.75%. With a median home value of $212,742 in Farnam, the typical annual property tax bill amounts to $2,283, which is below the national median of $2,690. Property taxes in Farnam are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Farnam'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 Farnam or another part of Lincoln County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Farnam, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.19%
Estimate Property Tax Bill
$2,532
Ownwell’s Farnam Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farnam with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farnam 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 Farnam, Nebraska
Property taxes in Farnam, Nebraska, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farnam is 1.19%, higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Farnam set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farnam 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 Farnam's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 69029 zip code has the highest median property tax rate of 1.19%, while the same zip code also has the lowest median tax rate of 1.19%. Understanding how these cities compare with Farnam provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farnam Tax Rate
1.19%
Average Lincoln County Tax Rate
1.93%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farnam, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69029 | 1.16% | 1.17% | 1.19% | 1.19% | 1.30% |
Source: Ownwell
Property Tax Assessment Values Across Farnam, Nebraska
In Farnam, 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 Lincoln 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 Farnam, 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 Farnam helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Farnam are both $2283, found in the zip code 69029.
Average Farnam Assessed Value
$212,742
Average Lincoln County Assessed Value
$120,701
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farnam, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69029 | $93,142 | $139,376 | $212,742 | $320,602 | $467,584 |
Source: Ownwell
Property Tax Bills Across Farnam, Nebraska
In Farnam, located in Lincoln County, NE, property tax bills are determined based on the assessed value of a homeowner's property. This assessed value is typically a percentage of the property's market value. Local tax authorities then apply the property tax rate to this assessed value to calculate the annual tax bill. For Farnam, the median home price is $212,742, and the property tax rate in Lincoln County is used to determine the final tax amount. Several factors influence the tax bill, including property size, location, and any improvements made to the property. Homeowners in Farnam can expect to pay varying amounts, with the 25th percentile tax bill at $1,636 and the 75th percentile at $4,044. The 90th percentile tax bill can reach up to $5,509. These property taxes fund essential services such as schools, public safety, and infrastructure, directly impacting the quality of life in the community. Understanding how property taxes are calculated helps homeowners budget effectively and ensures they are prepared for their annual financial obligations.
Average Farnam Tax Bill
$2,283
Average Lincoln County Tax Bill
$2,112
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Farnam, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69029 | $1,092 | $1,636 | $2,283 | $4,044 | $5,509 |
Source: Ownwell