Ithaca, Nebraska Property Taxes
The median property tax rate in Ithaca, NE is 1.43%, considerably higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in Ithaca, the typical annual property tax bill reaches $2,860, exceeding the national median of $2,690. Property taxes in Ithaca 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 Ithaca'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 Ithaca 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
Ithaca, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.43%
Estimate Property Tax Bill
$2,736
Ownwell’s Ithaca Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ithaca with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ithaca 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 Ithaca, Nebraska
Property taxes in Ithaca, Nebraska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ithaca is 1.43%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Ithaca set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ithaca 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 Ithaca's effective property tax rate to other counties in Nebraska and the national median. For comparison, the zip code 68033 has the highest median property tax rate of 1.43%, while the same zip code also has the lowest median tax rate of 1.43%. Understanding how these areas compare with Ithaca provides valuable insights into the varying tax landscape across Saunders County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ithaca Tax Rate
1.43%
Average Saunders County Tax Rate
1.77%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ithaca, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68033 | 1.33% | 1.35% | 1.43% | 1.62% | 1.62% |
Source: Ownwell
Property Tax Assessment Values Across Ithaca, Nebraska
In Ithaca, 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 local 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 Ithaca, 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 Ithaca 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 68033, with a tax bill of $2860, while the lowest median tax bill is also in 68033, with the same value.
Average Ithaca Assessed Value
$191,296
Average Saunders County Assessed Value
$199,000
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ithaca, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68033 | $52,377 | $99,076 | $191,296 | $317,746 | $513,199 |
Source: Ownwell
Property Tax Bills Across Ithaca, Nebraska
In Ithaca, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors considered in the assessment include the home's market value, location, and property characteristics. Homeowners in Ithaca experience a range of property tax bills. For instance, the tax bill at the 25th percentile is $1,557, while at the 75th percentile, it reaches $4,590. At the 90th percentile, homeowners can expect to pay around $7,492. These taxes impact homeowners by influencing their overall housing costs and potentially affecting their ability to afford other expenses. Compared to the national median property tax rate of 0.99%, Ithaca's rates can vary significantly, reflecting local economic conditions and funding needs for public services. The highest median tax bill in Saunders County, which includes Ithaca, is $2,860, indicating a substantial variation within the region.
Average Ithaca Tax Bill
$2,860
Average Saunders County Tax Bill
$3,382
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Ithaca, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68033 | $875 | $1,557 | $2,860 | $4,590 | $7,492 |
Source: Ownwell