Hallam, Nebraska Property Taxes
The median property tax rate in Hallam, NE is 1.64%, which is significantly higher than the national median of 0.99% but slightly lower than Nebraska's state median of 1.75%. With a median home value of $240,400 in Hallam, the typical annual property tax bill amounts to $4,283, surpassing the national median of $2,690. Property taxes in Hallam are based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. By understanding Hallam's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you reside in Hallam or own property elsewhere in Lancaster County, gaining insights into the local property tax system is crucial for financial planning and investment success.
Last Updated June 14, 2024
Hallam, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.64%
Estimate Property Tax Bill
$3,943
Ownwell’s Hallam Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hallam with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hallam 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 Hallam, Nebraska
Property taxes in Hallam, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hallam is 1.64%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Hallam set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hallam 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 Hallam's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68368 zip code has the highest median property tax rate of 1.64%, while the same zip code also has the lowest median tax rate of 1.64%. Understanding how these cities compare with Hallam provides valuable insights into the varying tax landscape across Lancaster County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hallam Tax Rate
1.64%
Average Lancaster County Tax Rate
1.51%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hallam, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68368 | 1.12% | 1.28% | 1.64% | 1.77% | 1.87% |
Source: Ownwell
Property Tax Assessment Values Across Hallam, Nebraska
In Hallam, Nebraska, understanding the difference between "market value" and "assessed value" is essential for grasping 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 Lancaster 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 Hallam, 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. The median home price in Hallam is $240,400, with property tax bills ranging from $2,944 at the 25th percentile to $5,908 at the 90th percentile. Notably, the zip code 68368 has the highest and lowest median tax bill at $4,283. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Hallam Assessed Value
$240,400
Average Lancaster County Assessed Value
$238,100
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hallam, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68368 | $24,000 | $42,000 | $240,400 | $306,500 | $371,120 |
Source: Ownwell
Property Tax Bills Across Hallam, Nebraska
In Hallam, property tax bills are calculated based on the assessed value of a home, which is determined by the Lancaster County Assessor's office. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $240,400, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. In Hallam, the 25th percentile tax bill is around $2,944, while the 75th percentile tax bill reaches approximately $5,313. At the 90th percentile, tax bills can be as high as $5,908, reflecting the higher end of property values and assessments in the area. These property taxes significantly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Hallam's rates can vary, making it essential for homeowners to understand their specific tax obligations.
Average Hallam Tax Bill
$4,283
Average Lancaster County Tax Bill
$3,561
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Hallam, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68368 | $856 | $2,944 | $4,283 | $5,313 | $5,908 |
Source: Ownwell