Bennington, Nebraska Property Taxes
The median property tax rate in Bennington, NE is 1.61%, notably higher than the national median of 0.99% but lower than Nebraska's state median of 1.75%. With a median home value in Bennington, the typical annual property tax bill reaches $5,320, significantly surpassing the national median of $2,690. Property taxes in Bennington are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Bennington's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Bennington or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bennington, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.61%
Estimate Property Tax Bill
$5,292
Ownwell’s Bennington Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Bennington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bennington 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 Bennington, Nebraska
Property taxes in Bennington, Nebraska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bennington is 1.61%, significantly higher than the U.S. national median of 0.99%. Local government entities within Bennington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bennington 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 Bennington's effective property tax rate to other areas and the national median. For comparison, the 68007 zip code has the highest median property tax rate of 1.61%, while the lowest median tax rate in the area is also 1.61%. Understanding how these areas compare with Bennington provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bennington Tax Rate
1.61%
Average Washington County Tax Rate
1.71%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bennington, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68007 | 1.51% | 1.51% | 1.61% | 1.61% | 1.90% |
Source: Ownwell
Property Tax Assessment Values Across Bennington, Nebraska
In Bennington, 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 Washington 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 Bennington, 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 Bennington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Bennington is $5,320 in zip code 68007, while the lowest median tax bill is also $5,320 in the same zip code.
Average Bennington Assessed Value
$328,685
Average Washington County Assessed Value
$234,648
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bennington, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68007 | $204,483 | $264,204 | $328,685 | $452,255 | $637,138 |
Source: Ownwell
Property Tax Bills Across Bennington, Nebraska
In Bennington, located in Washington County, NE, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local tax assessors who evaluate the property's market value. Homeowners in Bennington face a median property tax rate that is influenced by several factors, including the home's location, size, and condition. For instance, the median home price in Bennington is $328,685. Property tax bills can vary significantly, with the 25th percentile tax bill being $4,202, while the 75th percentile reaches $7,292. At the 90th percentile, homeowners might see a tax bill as high as $10,544. The highest and lowest median tax bills in the area are both recorded at $5,320, illustrating a relatively consistent tax burden within the zip code 68007. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting homeowners by contributing to the overall quality of life in the community. However, they also represent a significant annual expense that must be carefully managed.
Average Bennington Tax Bill
$5,320
Average Washington County Tax Bill
$4,036
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Bennington, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68007 | $2,977 | $4,202 | $5,320 | $7,292 | $10,544 |
Source: Ownwell