Bennet, Nebraska Property Taxes
The median property tax rate in Bennet, Nebraska is 1.70%, which is considerably higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With a median home value of $223,870 in Bennet, the typical annual property tax bill reaches $3,797, exceeding the national median of $2,690. Property taxes in Bennet 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 Bennet'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 Bennet 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
Bennet, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.7%
Estimate Property Tax Bill
$3,806
Ownwell’s Bennet Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bennet with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bennet 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 Bennet, Nebraska
Property taxes in Bennet, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bennet is 1.70%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Bennet set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bennet 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 Bennet's effective property tax rate to other areas in Nebraska and the national median. For comparison, the zip code 68317 has the highest median property tax rate of 1.70%, while the same zip code also has the lowest median tax rate of 1.70%. Understanding how these areas compare with Bennet provides valuable insights into the varying tax landscape across Otoe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bennet Tax Rate
1.70%
Average Otoe County Tax Rate
1.92%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bennet, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68317 | 1.62% | 1.66% | 1.70% | 1.70% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Bennet, Nebraska
In Bennet, 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 Otoe 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 Bennet, 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 Bennet 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 68317, at $3,797, which is significantly above the national median property tax rate of 0.99%.
Average Bennet Assessed Value
$223,870
Average Otoe County Assessed Value
$121,530
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bennet, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68317 | $142,524 | $176,535 | $223,870 | $313,540 | $555,284 |
Source: Ownwell
Property Tax Bills Across Bennet, Nebraska
In Bennet, Otoe County, NE, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Bennet, the median home price is $223,870. The property tax rate in this region is used to compute the tax bills, which can vary significantly depending on the home's assessed value and applicable exemptions. For instance, property tax bills in Bennet range from the 25th percentile at $2,999 to the 75th percentile at $5,160, with the 90th percentile reaching up to $9,206. These figures illustrate the variation in tax liabilities among homeowners. Compared to the national median property tax rate of 0.99%, Bennet's tax bills reflect the local economic conditions and property values. Understanding these factors can help homeowners anticipate their property tax obligations and plan their finances accordingly.
Average Bennet Tax Bill
$3,797
Average Otoe County Tax Bill
$2,328
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Bennet, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68317 | $2,419 | $2,999 | $3,797 | $5,160 | $9,206 |
Source: Ownwell