Big Springs, Nebraska Property Taxes
The median property tax rate in Big Springs, Nebraska is 1.02%, slightly higher than the national median of 0.99% but significantly lower than the Nebraska state median of 1.75%. With the median home value in Big Springs at $362,580, the typical annual property tax bill reaches $3,718, surpassing the national median of $2,690. Property taxes in Big Springs are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Big Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Big Springs 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
Big Springs, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$3,698
Ownwell’s BIG SPRINGS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BIG SPRINGS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BIG SPRINGS 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 Big Springs, Nebraska
Property taxes in Big Springs, Nebraska, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Big Springs is 1.02%, higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Big Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Big Springs 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 Big Springs' effective property tax rate to other counties in Nebraska and the national median. For comparison, the 69122 zip code has the highest median property tax rate of 1.02%, while the same zip code also has the lowest median tax rate of 1.02%. Understanding how these cities compare with Big Springs provides valuable insights into the varying tax landscape across Keith County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Big Springs Tax Rate
1.02%
Average Keith County Tax Rate
1.22%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Big Springs, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69122 | 1.01% | 1.01% | 1.02% | 1.03% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Big Springs, Nebraska
In Big Springs, Nebraska, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 Keith County Assessor 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 Big Springs, 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. For instance, the median home price in Big Springs is $362,580, with tax bills ranging from $2,323 at the 25th percentile to $8,722 at the 90th percentile. The zip code 69122 has both the highest and lowest median tax bills, at $3,718. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Big Springs, Nebraska
Source: Ownwell
$94,970
$1,018,158
$1,941,345
Average Big Springs Assessed Value
$362,580
Average Keith County Assessed Value
$113,500
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Big Springs, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69122 | $123,038 | $226,464 | $362,580 | $529,159 | $859,265 |
Source: Ownwell
Property Tax Bills Across Big Springs, Nebraska
In Big Springs, located in Keith County, NE, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the county assessor and is a percentage of the property's market value. Several factors influence this assessed value, including the property's location, size, and condition. Once the assessed value is established, the local tax rate is applied to determine the annual tax bill. For homeowners in Big Springs, the tax bills can vary significantly. The 25th percentile tax bill is around $2,323, while those in the 75th percentile can expect to pay approximately $5,102. The 90th percentile sees tax bills as high as $8,722. Compared to the national median property tax rate of 0.99%, the rates in Big Springs can be quite variable, depending on the specific property characteristics. This variability in tax bills directly impacts homeowners, influencing their annual financial planning and the overall affordability of owning property in the area.
Average Big Springs Tax Bill
$3,718
Average Keith County Tax Bill
$1,583
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Big Springs, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69122 | $1,262 | $2,323 | $3,718 | $5,102 | $8,722 |
Source: Ownwell