Silver Creek, Nebraska Property Taxes
The median property tax rate in Silver Creek, NE is 1.59%, which is considerably higher than the national median of 0.99% but lower than the Nebraska state median of 1.75%. With the median home value in Silver Creek at $80,835, the typical annual property tax bill reaches $1,170, falling below the national median of $2,690. Property taxes in Silver Creek 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 Silver Creek'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 Silver Creek or another part of Merrick County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Silver Creek, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.59%
Estimate Property Tax Bill
$1,285
Ownwell’s Silver Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Silver Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Silver Creek 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 Silver Creek, Nebraska
Property taxes in Silver Creek, Nebraska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Silver Creek is 1.59%, significantly higher than the U.S. national median of 0.99%. Local government entities within Silver Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Silver Creek 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 Silver Creek's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68663 zip code has the highest median property tax rate of 1.59%, while the 68663 zip code also has the lowest median tax rate of 1.59%. Understanding how these cities compare with Silver Creek provides valuable insights into the varying tax landscape across Merrick County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Silver Creek Tax Rate
1.59%
Average Merrick County Tax Rate
1.28%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Silver Creek, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68663 | 1.10% | 1.11% | 1.59% | 1.59% | 1.59% |
Source: Ownwell
Property Tax Assessment Values Across Silver Creek, Nebraska
In Silver Creek, 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 Merrick 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 Silver Creek, 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 Silver Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Silver Creek are both $1,170, found in zip code 68663.
Average Silver Creek Assessed Value
$80,835
Average Merrick County Assessed Value
$135,822
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Silver Creek, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68663 | $17,166 | $47,754 | $80,835 | $171,595 | $284,290 |
Source: Ownwell
Property Tax Bills Across Silver Creek, Nebraska
In Silver Creek, Merrick County, NE, property tax bills are calculated based on the assessed value of a property and the local tax rate. The tax rate in Merrick County is applied to the assessed value, which is a percentage of the property's market value. For instance, with a median home price of $80,835, homeowners can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $648, while the 75th percentile reaches $2,202, and the 90th percentile can go up to $3,357. These figures highlight the range of property tax obligations depending on the property's assessed value and specific circumstances. Compared to the national median property tax rate of 0.99%, Silver Creek's rates can be seen as both a burden and a benefit, depending on the specific property. For homeowners, understanding these factors is crucial for financial planning. Higher assessed values and tax rates can lead to substantial annual tax bills, impacting overall homeownership costs and influencing decisions on property investments.
Average Silver Creek Tax Bill
$1,170
Average Merrick County Tax Bill
$1,907
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Silver Creek, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68663 | $245 | $648 | $1,170 | $2,202 | $3,357 |
Source: Ownwell