Falls City, Nebraska Property Taxes
The median property tax rate in Falls City, NE is 1.92%, considerably higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in Falls City at $56,105, the typical annual property tax bill reaches $1,036, which is still below the national median of $2,690. Property taxes in Falls City 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 Falls City'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 Falls City or another part of Richardson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Falls City, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.92%
Estimate Property Tax Bill
$1,077
Ownwell’s Falls City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Falls City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Falls City 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 Falls City, Nebraska
Property taxes in Falls City, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Falls City is 1.92%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Falls City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Falls City 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 Falls City's effective property tax rate to other counties in Nebraska and the national median. For comparison, the highest and lowest median property tax rates in Richardson County are both 1.92%, indicating a uniform tax landscape within the county. Understanding how these cities compare with Falls City provides valuable insights into the varying tax landscape across Richardson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Falls City Tax Rate
1.92%
Average Richardson County Tax Rate
1.91%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Falls City, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68355 | 1.45% | 1.92% | 1.92% | 1.92% | 1.92% |
Source: Ownwell
Property Tax Assessment Values Across Falls City, Nebraska
In Falls City, 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 Richardson 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 Falls City, 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 Falls City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Falls City is $56,105, with tax bills ranging from $484 at the 25th percentile to $3,889 at the 90th percentile. The zip code with the highest and lowest median tax bill is 68355, both at $1,036.
Average Falls City Assessed Value
$56,105
Average Richardson County Assessed Value
$51,575
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Falls City, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68355 | $12,742 | $28,290 | $56,105 | $107,940 | $224,166 |
Source: Ownwell
Property Tax Bills Across Falls City, Nebraska
In Falls City, located in Richardson County, NE, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Falls City is $56,105, which serves as the basis for determining the tax bill. The assessed value is multiplied by the local tax rate to arrive at the annual tax obligation. Factors such as property improvements, neighborhood changes, and market conditions can influence the assessed value, thereby affecting the tax bill. For homeowners in Falls City, tax bills can vary significantly, with the 25th percentile paying around $484 and the 75th percentile paying up to $2,033. The highest median tax bill in the area is $1,036, which is considerably higher than the national median property tax rate of 0.99%. This variability in tax bills can significantly impact homeowners, influencing their financial planning and long-term investment in their properties.
Average Falls City Tax Bill
$1,036
Average Richardson County Tax Bill
$905
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Falls City, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68355 | $215 | $484 | $1,036 | $2,033 | $3,889 |
Source: Ownwell