Sparks, Nebraska Property Taxes
The median property tax rate in Sparks, Nebraska is 0.68%, significantly lower than both the national median of 0.99% and the Nebraska state median of 1.75%. With a median home value of $179,805 in Sparks, the typical annual property tax bill amounts to $1,221, which is well below the national median of $2,690. Property taxes in Sparks are determined based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. By gaining a thorough understanding of Sparks's property tax system, identifying available exemptions, and uncovering potential reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're residing in Sparks or investing in the area, knowledge of the local property tax system is crucial for maximizing financial benefits.
Last Updated June 14, 2024
Sparks, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$1,223
Ownwell’s Sparks Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sparks with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sparks 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 Sparks, Nebraska
Property taxes in Sparks, Nebraska, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Sparks is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Sparks set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sparks 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 Sparks' effective property tax rate to other counties in Nebraska and the national median. For comparison, the 69220 zip code has both the highest and lowest median property tax rate of 0.68%. Understanding how these areas compare with Sparks provides valuable insights into the varying tax landscape across Keya Paha County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sparks Tax Rate
0.68%
Average Keya Paha County Tax Rate
0.67%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sparks, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69220 | 0.67% | 0.68% | 0.68% | 0.68% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Sparks, Nebraska
In Sparks, 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 Keya Paha 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 Sparks, 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. In Sparks, the median home price stands at $179,805. The tax bill for the 25th percentile is $793, while the 75th percentile tax bill is $2,173. The 90th percentile tax bill reaches $3,989. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Sparks Assessed Value
$179,805
Average Keya Paha County Assessed Value
$99,585
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sparks, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69220 | $81,161 | $115,645 | $179,805 | $321,760 | $588,704 |
Source: Ownwell
Property Tax Bills Across Sparks, Nebraska
In Sparks, located in Keya Paha County, NE, property tax bills are calculated based on the assessed value of a home and the local tax rate. The process begins with the county assessor determining the assessed value of a property, which is often a percentage of its market value. For instance, with a median home price of $179,805, the assessed value would be a fraction of this amount, depending on local assessment rules. The tax rate is then applied to this assessed value to calculate the annual property tax bill. In Keya Paha County, property tax bills vary significantly. Homeowners in the 25th percentile can expect to pay around $793 annually, while those in the 75th percentile face bills closer to $2,173. The 90th percentile sees even higher taxes, reaching up to $3,989. These tax bills impact homeowners by affecting their overall housing costs and potentially influencing their decisions regarding property investments. Compared to the national median property tax rate of 0.99%, Sparks' tax bills reflect local economic conditions and governmental budget needs.
Average Sparks Tax Bill
$1,221
Average Keya Paha County Tax Bill
$892
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Sparks, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69220 | $561 | $793 | $1,221 | $2,173 | $3,989 |
Source: Ownwell