Center, Nebraska Property Taxes
The median property tax rate in Center, NE is 1.40%, considerably higher than the national median of 0.99% but lower than the Nebraska state median of 1.75%. With the median home value in Center at $45,555, the typical annual property tax bill reaches $615, which is significantly below the national median of $2,690. Property taxes in Center 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 Center'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 Center 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
Center, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.4%
Estimate Property Tax Bill
$638
Ownwell’s CENTER Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in CENTER with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in CENTER 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 Center, Nebraska
Property taxes in Center, Nebraska, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Center is 1.40%, significantly higher than the U.S. national median of 0.99%. Local government entities within Center set these rates annually, and they can vary across different neighborhoods. Each year, Center 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 Center's effective property tax rate to other areas and the national median. For comparison, the zip code 68724 has the highest median property tax rate of 1.40%, while the same zip code also has the lowest median tax rate of 1.40%. Understanding how these areas compare with Center provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Center Tax Rate
1.40%
Average Knox County Tax Rate
1.28%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Center, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68724 | 0.91% | 1.14% | 1.40% | 1.65% | 1.65% |
Source: Ownwell
Property Tax Assessment Values Across Center, Nebraska
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Center, 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 Knox 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 Center, 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 Center helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 68724, both at $615, showing a significant range in property tax bills within the area.
Average Center Assessed Value
$45,555
Average Knox County Assessed Value
$96,140
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Center, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68724 | $6,558 | $16,385 | $45,555 | $187,235 | $392,641 |
Source: Ownwell
Property Tax Bills Across Center, Nebraska
In CENTER, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor in Knox County. The assessed value is a percentage of the market value of the property, and this figure is then multiplied by the local tax rate to determine the annual property tax bill. For example, the median home price in CENTER is $45,555. Homeowners in the 25th percentile can expect a tax bill around $231, while those in the 75th percentile might see a bill closer to $2,232. At the 90th percentile, tax bills can reach up to $4,271. The property tax rate in CENTER is influenced by various factors, including the funding needs of local services such as schools, infrastructure, and emergency services. With the national median property tax rate at 0.99%, homeowners in CENTER benefit from relatively lower property taxes. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Center Tax Bill
$615
Average Knox County Tax Bill
$1,362
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Center, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68724 | $98 | $231 | $615 | $2,232 | $4,271 |
Source: Ownwell