Lorton, Nebraska Property Taxes
The median property tax rate in Lorton, Nebraska is 1.47%, which is significantly higher than the national median of 0.99%, yet lower than the Nebraska state median of 1.75%. With a median home value of $29,230 in Lorton, the typical annual property tax bill amounts to $421, still below the national median of $2,690. Property taxes in Lorton are determined based on the tax assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. By understanding Lorton’s property tax system, exploring available exemptions, and identifying potential reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you reside in the heart of Lorton or elsewhere in the city, gaining insight into the local property tax system will be beneficial.
Last Updated June 14, 2024
Lorton, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.47%
Estimate Property Tax Bill
$430
Ownwell’s Lorton Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Lorton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lorton 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 Lorton, Nebraska
Property taxes in Lorton, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lorton is 1.47%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Lorton set these rates annually, and they can vary across different neighborhoods. Each year, Lorton 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 Lorton's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68382 zip code has the highest median property tax rate of 1.47%, while the same zip code also has the lowest median tax rate of 1.47%. Understanding how these cities compare with Lorton 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 Lorton Tax Rate
1.47%
Average Otoe County Tax Rate
1.92%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lorton, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68382 | 1.46% | 1.47% | 1.47% | 1.47% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Lorton, Nebraska
In Lorton, 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 Lorton, 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 Lorton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lorton is $29,230, with the highest and lowest median tax bills both recorded at $439 in zip code 68382.
Average Lorton Assessed Value
$29,230
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 Lorton, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68382 | $2,374 | $9,670 | $31,060 | $43,340 | $62,884 |
Source: Ownwell
Property Tax Bills Across Lorton, Nebraska
In Lorton, located in Otoe County, NE, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. The assessed value is a percentage of the market value of the home. To determine the tax bill, this assessed value is then multiplied by the local tax rate set by various taxing authorities, including school districts, municipalities, and other special districts. Several factors influence the final tax bill, such as the property's location, size, and any applicable exemptions. In Lorton, the median home price is $29,230, resulting in varying tax bills across different percentiles. For instance, the 25th percentile tax bill is $110, while the 75th percentile tax bill is $605. Homeowners in the 90th percentile face tax bills as high as $797. These property taxes fund essential community services like education, public safety, and infrastructure, directly impacting the quality of life for residents. Comparing this to the national median property tax rate of 0.99%, Lorton's property tax landscape offers a unique perspective on local taxation.
Average Lorton Tax Bill
$421
Average Otoe County Tax Bill
$2,328
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Lorton, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68382 | $20 | $142 | $439 | $610 | $808 |
Source: Ownwell