Overton, Nebraska Property Taxes
The median property tax rate in Overton, NE is 2.10%, considerably higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in Overton, the typical annual property tax bill reaches $1,695, exceeding the national median of $2,690. Property taxes in Overton 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 Overton'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 Overton 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
Overton, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.1%
Estimate Property Tax Bill
$1,979
Ownwell’s Overton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Overton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Overton 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 Overton, Nebraska
Property taxes in Overton, Nebraska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Overton is 1.54%, higher than both the Nebraska state median of 1.61% and the U.S. national median of 0.99%. Local government entities within Overton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Overton 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 Overton's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68863 zip code has the highest median property tax rate of 1.54%, while the same zip code has the lowest median tax rate of 1.54%. Understanding how these cities compare with Overton provides valuable insights into the varying tax landscape across Dawson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Overton Tax Rate
2.10%
Average Dawson County Tax Rate
1.81%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Overton, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68863 | 1.34% | 1.36% | 2.10% | 2.10% | 2.10% |
Source: Ownwell
Property Tax Assessment Values Across Overton, Nebraska
In Overton, 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 Overton, 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 Overton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Overton is $94,248, with tax bills ranging from $729 at the 25th percentile to $5,140 at the 90th percentile. The highest and lowest median tax bills are both $1,695 in the zip code 68863.
Average Overton Assessed Value
$94,248
Average Dawson County Assessed Value
$101,091
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Overton, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68863 | $9,772 | $40,210 | $94,248 | $176,408 | $350,487 |
Source: Ownwell
Property Tax Bills Across Overton, Nebraska
In Overton, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is determined by the county assessor and is typically a percentage of the property's market value. For example, with a median home price of $94,248, the property tax bill can vary widely. Homeowners in the 25th percentile may see tax bills around $729, while those in the 75th percentile could face bills up to $2,740. At the 90th percentile, tax bills can be as high as $5,140. Several factors influence these amounts, including the property's location within Dawson County, any applicable exemptions, and the specific tax rate set by local taxing authorities. These tax bills significantly impact homeowners, as they represent a recurring expense that must be budgeted for annually. With the national median property tax rate at 0.99%, understanding these local variations is crucial for homeowners in Overton to effectively manage their finances and plan for future expenses.
Average Overton Tax Bill
$1,695
Average Dawson County Tax Bill
$1,900
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Overton, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68863 | $137 | $729 | $1,695 | $2,740 | $5,140 |
Source: Ownwell