Ericson, Nebraska Property Taxes
The median property tax rate in Ericson, Nebraska is 1.29%, considerably higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in Ericson, the typical annual property tax bill reaches $8,317, exceeding the national median of $2,690. Property taxes in Ericson 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 Ericson'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 Ericson 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
Ericson, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.29%
Estimate Property Tax Bill
$8,327
Ownwell’s Ericson Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Ericson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ericson to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed neighborhood trends, additional localized information is available below. Your property’s assessed value is determined by Valley County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Ericson, Nebraska
Property taxes in Ericson, Nebraska, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Ericson is 1.29%, significantly higher than the U.S. national median of 0.99%. Local government entities within Ericson set these rates annually, and they can vary across different neighborhoods. Each year, Ericson 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 Ericson's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68637 zip code has the highest median property tax rate of 1.29%, while the same zip code has the lowest median tax rate of 1.29%. Understanding how these cities compare with Ericson provides valuable insights into the varying tax landscape across Valley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ericson Tax Rate
1.29%
Average Valley County Tax Rate
1.81%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ericson, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68637 | 1.29% | 1.29% | 1.29% | 1.29% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Ericson, Nebraska
In Ericson, 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 Valley 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 Ericson, 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 Ericson 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 68637 at $8,317, which is also the lowest median tax bill in the area.
Average Ericson Assessed Value
$645,535
Average Valley County Assessed Value
$94,595
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ericson, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68637 | $645,535 | $645,535 | $645,535 | $645,535 | $645,535 |
Source: Ownwell
Property Tax Bills Across Ericson, Nebraska
In Ericson, Valley County, NE, 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 property tax rate to determine the annual tax bill. For example, with the median home price in Ericson at $645,535, homeowners can expect their property tax bill to be around $8,317, as indicated by the consistent figures across various percentiles. This figure is significantly higher than the national median property tax rate of 0.99%, reflecting the local tax policies and the assessed values in the region. Factors such as property improvements, market conditions, and local government budgets can influence the assessed value, thereby impacting the tax bill. For homeowners, this means that property taxes are a substantial annual expense, which can affect their overall financial planning and the long-term affordability of their homes.
Average Ericson Tax Bill
$8,317
Average Valley County Tax Bill
$1,656
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Ericson, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68637 | $8,317 | $8,317 | $8,317 | $8,317 | $8,317 |
Source: Ownwell