Malcolm, Nebraska Property Taxes
The median property tax rate in Malcolm, NE is 1.22%, which is higher than the national median of 0.99% but lower than the Nebraska state median of 1.75%. With the median home value in Malcolm at $320,500, the typical annual property tax bill reaches $3,902, significantly surpassing the national median of $2,690. Property taxes in Malcolm are calculated based on the assessed value, which is often below market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Malcolm's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Malcolm or another part of the city, gaining insights into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Malcolm, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.22%
Estimate Property Tax Bill
$3,910
Ownwell’s Malcolm Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Malcolm with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Malcolm 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 Malcolm, Nebraska
Property taxes in Malcolm, Nebraska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Malcolm is 1.22%, significantly higher than the U.S. national median of 0.99%. Local government entities within Malcolm set these rates annually, and they can vary significantly across different neighborhoods. Each year, Malcolm 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 Malcolm's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68402 zip code has both the highest and lowest median property tax rate of 1.22%. Understanding how these cities compare with Malcolm 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 Malcolm Tax Rate
1.22%
Average Lancaster County Tax Rate
1.51%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Malcolm, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68402 | 0.96% | 1.05% | 1.22% | 1.43% | 1.53% |
Source: Ownwell
Property Tax Assessment Values Across Malcolm, Nebraska
In Malcolm, 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 Lancaster 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 Malcolm, 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 highest median tax bill in Malcolm is $3,902 in the 68402 zip code, which is also the lowest. Being aware of these valuation processes in Malcolm helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Malcolm Assessed Value
$320,500
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 Malcolm, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68402 | $165,100 | $215,875 | $320,500 | $444,725 | $544,300 |
Source: Ownwell
Property Tax Bills Across Malcolm, Nebraska
In Malcolm, located in Lancaster County, NE, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. For instance, a home with a median price of $320,500 will have its tax bill calculated using this assessed value. The property tax rate in Lancaster County is applied to this assessed value to determine the final tax bill. This rate, combined with various local levies, results in the total property tax amount. Homeowners in Malcolm can expect tax bills to vary widely; for example, the 25th percentile tax bill is around $2,916, while those in the 75th percentile see bills closer to $5,105. Such variations in tax bills can significantly impact homeowners, influencing their monthly expenses and overall cost of living. It's noteworthy that the highest and lowest median tax bills in the area are both $3,902, indicating a relatively consistent tax environment within the specific zip code of 68402.
Average Malcolm Tax Bill
$3,902
Average Lancaster County Tax Bill
$3,561
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Malcolm, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68402 | $1,861 | $2,916 | $3,902 | $5,105 | $6,144 |
Source: Ownwell