Silver Creek, Nebraska Property Taxes
The median property tax rate in Silver Creek, NE is 1.09%, slightly higher than the national median of 0.99% but lower than the Nebraska state median of 1.75%. With a median home value of $171,520 in Silver Creek, the typical annual property tax bill amounts to $1,880, which is below the national median of $2,690. Property taxes in Silver Creek are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Silver Creek's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in significant annual savings. Whether you're in the heart of Silver Creek or another part of Polk 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
1.09%
Estimate Property Tax Bill
$1,870
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 1.09%, higher than both the Nebraska state median and 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 1.09%, while the same zip code has the lowest median tax rate of 1.09%. Understanding how these cities compare with Silver Creek provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Silver Creek Tax Rate
1.09%
Average Polk County Tax Rate
1.34%
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 | 1.07% | 1.08% | 1.09% | 1.11% | 1.13% |
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 Polk 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 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. In Silver Creek, the median home price is $171,520. The zip code 68663 has the highest median tax bill at $1,880. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Silver Creek Assessed Value
$171,520
Average Polk County Assessed Value
$118,165
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 | $76,702 | $124,673 | $171,520 | $576,216 | $977,542 |
Source: Ownwell
Property Tax Bills Across Silver Creek, Nebraska
In Silver Creek, property tax bills are calculated based on the assessed value of a home, which is determined by the Polk County Assessor's Office. The assessed value is a percentage of the property's market value, reflecting its estimated selling price. Local tax rates, known as mill rates, are then applied to this assessed value to calculate the annual tax bill. Several factors influence the tax bill, including property size, location, and any improvements made to the property. For homeowners in Silver Creek, the tax bill can vary significantly. For instance, the 25th percentile tax bill is $1,197, while the 75th percentile tax bill reaches $6,291. The highest tax bills in the area, at the 90th percentile, can be as much as $10,630. Compared to the national median property tax rate of 0.99%, the tax rates in Silver Creek can impact homeowners' finances substantially, making it essential for property owners to understand how their tax bills are determined and what factors may influence changes in their assessments.
Average Silver Creek Tax Bill
$1,880
Average Polk County Tax Bill
$1,628
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 | $613 | $1,197 | $1,880 | $6,291 | $10,630 |
Source: Ownwell