Humphrey, Nebraska Property Taxes
The median property tax rate in Humphrey, NE is 1.41%, which is significantly higher than both the national median of 0.99% and Nebraska's state median of 1.75%. With a median home value of $438,847 in Humphrey, the typical annual property tax bill reaches $6,167, far exceeding the national median of $2,690. Property taxes in Humphrey are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Humphrey's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Humphrey or another part of Madison County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Humphrey, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.41%
Estimate Property Tax Bill
$6,188
Ownwell’s Humphrey Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Humphrey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Humphrey to project your property tax bill. This insightful tool aids in understanding potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Humphrey, Nebraska
Property taxes in Humphrey, Nebraska, are essential for funding crucial local services including public schools, road maintenance, and emergency services. The median tax rate in Humphrey is 1.41%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Humphrey set these rates annually, and they can vary across different neighborhoods. Each year, Humphrey 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 Humphrey's effective property tax rate to other areas in Nebraska and the national median. For comparison, the zip code 68642 has the highest median property tax rate of 1.41%, while the lowest median tax rate is also 1.41%. Understanding how these cities compare with Humphrey provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Humphrey Tax Rate
1.41%
Average Madison County Tax Rate
1.88%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Humphrey, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68642 | 1.39% | 1.41% | 1.41% | 1.43% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across Humphrey, Nebraska
In Humphrey, 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 Madison 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 Humphrey, 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 Humphrey 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 68642, with a median tax bill of $6,167.
Average Humphrey Assessed Value
$438,847
Average Madison County Assessed Value
$158,492
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Humphrey, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68642 | $178,020 | $263,582 | $438,847 | $788,563 | $1,150,027 |
Source: Ownwell
Property Tax Bills Across Humphrey, Nebraska
In Humphrey, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the home's market value, which in Humphrey, Madison County, is influenced by factors such as property size, location, and condition. Homeowners in Humphrey experience varying tax bills, with the 25th percentile paying around $3,716, while those in the 75th percentile face bills up to $10,285. The highest median tax bill in the area is $6,167, a figure that remains constant across different zip codes within the county. These tax bills are significantly influenced by local tax rates and the market value of properties. For example, the median home price in Humphrey is $438,847, which is a key determinant in calculating the tax bill. Compared to the national median property tax rate of 0.99%, homeowners in Humphrey may find their tax obligations higher or lower depending on these assessed values and local rates, directly impacting their annual financial planning.
Average Humphrey Tax Bill
$6,167
Average Madison County Tax Bill
$2,934
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Humphrey, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68642 | $2,534 | $3,716 | $6,167 | $10,285 | $14,890 |
Source: Ownwell