Farwell, Nebraska Property Taxes
The median property tax rate in Farwell, Nebraska is 1.33%, 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 $78,812 in Farwell, the typical annual property tax bill amounts to $1,187, falling below the national median of $2,690. Property taxes in Farwell are determined based on the tax assessed value, which is often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Gaining a thorough understanding of Farwell's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in considerable annual savings. Whether you're in the heart of Farwell or another part of Howard County, understanding the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Farwell, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.33%
Estimate Property Tax Bill
$1,048
Ownwell’s Farwell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farwell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farwell 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 Farwell, Nebraska
Property taxes in Farwell, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farwell is 1.33%, significantly higher than the U.S. national median of 0.99%. Local government entities within Farwell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farwell 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 Farwell's effective property tax rate to other counties in Nebraska and the national median. For comparison, the zip code 68838 has the highest median property tax rate of 1.33%, while the same zip code also has the lowest median tax rate of 1.33%. Understanding how these areas compare with Farwell provides valuable insights into the varying tax landscape across Howard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farwell Tax Rate
1.33%
Average Howard County Tax Rate
1.32%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farwell, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68838 | 1.20% | 1.32% | 1.33% | 1.67% | 1.67% |
Source: Ownwell
Property Tax Assessment Values Across Farwell, Nebraska
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Farwell, 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 the local 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 Farwell, 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 Farwell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Farwell's median home price stands at $78,812. The 25th percentile tax bill is $557, while the 75th percentile tax bill is $5,261, and the 90th percentile tax bill reaches $8,712. The zip code 68838 has both the highest and lowest median tax bill, valued at $1,187.
Average Farwell Assessed Value
$78,812
Average Howard County Assessed Value
$166,027
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farwell, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68838 | $15,248 | $36,625 | $78,812 | $419,806 | $680,768 |
Source: Ownwell
Property Tax Bills Across Farwell, Nebraska
In Farwell, located in Howard County, NE, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as the home's market value, property improvements, and local tax levies all play a role in this assessment. For homeowners in Farwell, the median home price is $78,812. The tax bill can vary significantly, with the 25th percentile at $557 and the 75th percentile reaching $5,261. At the 90th percentile, homeowners might see tax bills as high as $8,712. The highest median tax bill in the area is $1,187, which is consistent across all zip codes in Howard County. These property taxes fund essential local services like schools, public safety, and infrastructure, directly impacting community quality and home value. Understanding how these factors contribute to the tax bill can help homeowners better manage their finances and plan for future expenses.
Average Farwell Tax Bill
$1,187
Average Howard County Tax Bill
$2,390
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Farwell, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68838 | $202 | $557 | $1,187 | $5,261 | $8,712 |
Source: Ownwell