Broadwater, Nebraska Property Taxes
The median property tax rate in Broadwater, NE is 1.63%, considerably 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 $61,740 in Broadwater, the typical annual property tax bill reaches $1,015, which is below the national median of $2,690. Property taxes in Broadwater 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 Broadwater'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 Broadwater or another part of Morrill County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Broadwater, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.63%
Estimate Property Tax Bill
$1,006
Ownwell’s Broadwater Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Broadwater with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Broadwater 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 Broadwater, Nebraska
Property taxes in Broadwater, Nebraska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Broadwater is 1.63%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Broadwater set these rates annually, and they can vary significantly across different neighborhoods. Each year, Broadwater 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 Broadwater's effective property tax rate to other counties in Nebraska and the national median. For comparison, the zip code 69125 has the highest median property tax rate of 1.63%, while the same zip code also has the lowest median tax rate of 1.63%. Understanding how these cities compare with Broadwater provides valuable insights into the varying tax landscape across Morrill County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Broadwater Tax Rate
1.63%
Average Morrill County Tax Rate
1.83%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Broadwater, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69125 | 0.88% | 1.39% | 1.63% | 1.80% | 2.03% |
Source: Ownwell
Property Tax Assessment Values Across Broadwater, Nebraska
In BROADWATER, 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 Morrill 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 BROADWATER, 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 BROADWATER helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 69125 has the highest and lowest median tax bill, both at $1,015.
Average Broadwater Assessed Value
$61,740
Average Morrill County Assessed Value
$78,985
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Broadwater, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69125 | $5,635 | $19,008 | $61,740 | $199,522 | $362,769 |
Source: Ownwell
Property Tax Bills Across Broadwater, Nebraska
In Broadwater, NE, property tax bills are determined by several key factors, primarily the assessed value of the property and the local tax rate. The assessed value is based on the market value of the home, which in Broadwater has a median home price of $61,740. Local tax authorities then apply the tax rate to this assessed value to calculate the annual tax bill. For homeowners in Broadwater, the tax bill can vary significantly. The 25th percentile tax bill is $261, while at the 75th percentile, it rises to $2,816. At the 90th percentile, it can reach as high as $5,275. These variations depend on property values and specific local tax rates. Compared to the national median property tax rate of 0.99%, Broadwater's tax bills reflect the local economic conditions and the funding needs of public services like schools and infrastructure. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Broadwater Tax Bill
$1,015
Average Morrill County Tax Bill
$1,479
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Broadwater, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69125 | $90 | $261 | $1,015 | $2,816 | $5,275 |
Source: Ownwell