Grand Island, Nebraska Property Taxes
The median property tax rate in Grand Island, NE is 1.07%, which is higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With a median home value of $174,710 in Grand Island, the typical annual property tax bill reaches $1,788, which is below the national median of $2,690. Property taxes in Grand Island are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Grand Island'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 Grand Island 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
Grand Island, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$1,869
Ownwell’s Grand Island Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Grand Island with just two simple data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Grand Island to provide an estimate of your property tax bill. This user-friendly tool offers a clear understanding of potential tax liabilities. For those interested in more detailed insights, you can explore trends at a neighborhood level by scrolling down. Your property’s assessed value, determined by the county, is used for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Grand Island, Nebraska
Property taxes in Grand Island, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grand Island is 1.07%, higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Grand Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grand Island 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 Grand Island's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68801 zip code has the highest median property tax rate of 1.07%, while the same zip code also has the lowest median tax rate of 1.07%. Understanding how these cities compare with Grand Island provides valuable insights into the varying tax landscape across Merrick County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grand Island Tax Rate
1.07%
Average Merrick County Tax Rate
1.28%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grand Island, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68801 | 1.05% | 1.07% | 1.07% | 1.07% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Grand Island, Nebraska
In Grand Island, 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 Merrick 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 Grand Island, 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 Grand Island helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Grand Island is $1788 in zip code 68801, while the lowest is also $1788 in the same zip code.
Average Grand Island Assessed Value
$174,710
Average Merrick County Assessed Value
$135,822
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grand Island, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68801 | $39,940 | $82,120 | $174,710 | $236,289 | $427,284 |
Source: Ownwell
Property Tax Bills Across Grand Island, Nebraska
In Grand Island, property tax bills are calculated based on the assessed value of a home, which is determined by the Merrick County assessor’s office. The assessed value typically reflects a percentage of the property's market value. Homeowners in Grand Island can expect varying tax bills depending on several factors, including the neighborhood and specific property characteristics. For instance, the median home price in Grand Island is $174,710. The property tax rate in Merrick County is applied to this assessed value to determine the annual tax bill. Homeowners in the 25th percentile pay around $688 annually, while those in the 75th percentile face bills closer to $2,540. At the 90th percentile, tax bills can reach up to $4,490. The highest median tax bill in the area is $1,788, found in the 68801 zip code. These property taxes fund essential services like schools, public safety, and infrastructure, directly impacting the community and homeowners' daily lives.
Average Grand Island Tax Bill
$1,788
Average Merrick County Tax Bill
$1,907
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Grand Island, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68801 | $415 | $688 | $1,788 | $2,540 | $4,490 |
Source: Ownwell