Laurel, Nebraska Property Taxes
The median property tax rate in Laurel, NE is 1.19%, which is higher than the national median of 0.99% but lower than the Nebraska state median of 1.75%. With a median home value of $177,132 in Laurel, the typical annual property tax bill comes to $2,094, falling below the national median of $2,690. Property taxes in Laurel are calculated based on the tax assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Laurel's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you reside in the heart of Laurel or another area within Wayne County, familiarizing yourself with the local property tax system can be highly beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Laurel, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.19%
Estimate Property Tax Bill
$2,108
Ownwell’s Laurel Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Laurel with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Laurel 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 Laurel, Nebraska
Property taxes in Laurel, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Laurel is 1.19%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Laurel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Laurel 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 Laurel's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68745 zip code has the highest median property tax rate of 1.19%, while the same zip code also has the lowest median tax rate of 1.19%. Understanding how these cities compare with Laurel provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Laurel Tax Rate
1.19%
Average Wayne County Tax Rate
1.74%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Laurel, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68745 | 1.17% | 1.18% | 1.19% | 1.19% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Laurel, Nebraska
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Laurel, Nebraska. 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 local authorities 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 Laurel, 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 Laurel helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, the highest median tax bill in the area is $2,094 in the zip code 68745, while the lowest median tax bill is also $2,094 in the same zip code. This knowledge can be particularly useful for homeowners looking to understand their tax obligations and potential savings.
Average Laurel Assessed Value
$177,132
Average Wayne County Assessed Value
$145,345
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Laurel, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68745 | $141,505 | $153,301 | $177,132 | $276,470 | $663,338 |
Source: Ownwell
Property Tax Bills Across Laurel, Nebraska
In Laurel, property tax bills are calculated based on the assessed value of a home, which is determined by the local county assessor. The assessed value is a percentage of the market value of the property. Homeowners in Wayne County, where Laurel is located, can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is around $1,819, while the 75th percentile tax bill reaches approximately $3,649. The highest median tax bill in the area is $2,094, and interestingly, the lowest median tax bill is also $2,094, indicating a consistent tax rate across different properties. These property tax bills are influenced by various factors, including the home's location, size, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, homeowners in Laurel might find their tax bills slightly higher or lower depending on these factors. Ultimately, understanding how these elements interact helps homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Laurel Tax Bill
$2,094
Average Wayne County Tax Bill
$2,361
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Laurel, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68745 | $1,681 | $1,819 | $2,094 | $3,649 | $8,009 |
Source: Ownwell