Gibbon, Nebraska Property Taxes
The median property tax rate in Gibbon, NE is 2.00%, significantly higher than both the national median of 0.99% and Nebraska's state median of 1.75%. With the median home value in Gibbon at $157,995, the typical annual property tax bill reaches $2,870, surpassing the national median of $2,690. Property taxes in Gibbon are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Gibbon'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 Gibbon or another part of Buffalo County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gibbon, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2%
Estimate Property Tax Bill
$3,160
Ownwell’s Gibbon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gibbon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gibbon 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 Gibbon, Nebraska
Property taxes in Gibbon, Nebraska, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gibbon is 2.00%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Gibbon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gibbon 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 Gibbon's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68840 zip code has both the highest and lowest median property tax rate of 2.00%. Understanding how these cities compare with Gibbon provides valuable insights into the varying tax landscape across Buffalo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gibbon Tax Rate
2.00%
Average Buffalo County Tax Rate
1.75%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gibbon, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68840 | 1.51% | 1.52% | 2.00% | 2.00% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Gibbon, Nebraska
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Gibbon, NE. 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 Buffalo 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 Gibbon, 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 Gibbon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 68840 has the highest and lowest median tax bill, both at $2,870, offering a unique perspective on property tax variations within the region.
Average Gibbon Assessed Value
$157,995
Average Buffalo County Assessed Value
$185,962
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gibbon, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68840 | $23,352 | $96,962 | $157,995 | $229,715 | $323,020 |
Source: Ownwell
Property Tax Bills Across Gibbon, Nebraska
In Gibbon, property tax bills are calculated based on the assessed value of a home, which is determined by the Buffalo County Assessor's Office. The tax rate is applied to this assessed value to determine the annual tax bill. For example, with a median home price of $157,995, homeowners can expect varying tax bills depending on their specific assessments and applicable rates. The tax bill at the 25th percentile is $1,577, while at the 75th percentile, it rises to $3,916, and at the 90th percentile, it can reach up to $5,413. These variations reflect differences in property values and the specific tax rates applied. Homeowners in the zip code 68840 experience the highest median tax bill of $2,870. This range of property tax bills highlights the importance of accurate property assessments and the impact of local tax rates. Understanding these factors can help homeowners better anticipate their annual tax obligations and manage their finances accordingly.
Average Gibbon Tax Bill
$2,870
Average Buffalo County Tax Bill
$3,186
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Gibbon, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68840 | $345 | $1,577 | $2,870 | $3,916 | $5,413 |
Source: Ownwell