Summerfield, Nebraska Property Taxes
The median property tax rate in Summerfield, NE is 1.16%, which is considerably higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in Summerfield at $757,098, the typical annual property tax bill reaches $8,910, far exceeding the national median of $2,690. Property taxes in Summerfield 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 Summerfield'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 Summerfield 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
Summerfield, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$8,782
Ownwell’s Summerfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Summerfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Summerfield 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 Summerfield, Nebraska
Property taxes in Summerfield, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Summerfield is 1.36%, significantly higher than both the Nebraska state median of 1.61% and the U.S. national median of 0.99%. Local government entities within Summerfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Summerfield 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 Summerfield's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 66541 zip code has the highest median property tax rate of 1.61%, while the 66541 zip code also has the lowest median tax rate of 1.61%. Understanding how these areas compare with Summerfield provides valuable insights into the varying tax landscape across Pawnee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Summerfield Tax Rate
1.16%
Average Pawnee County Tax Rate
1.35%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Summerfield, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66541 | 1.10% | 1.12% | 1.16% | 1.20% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Summerfield, Nebraska
In Summerfield, 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 Pawnee 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 Summerfield, 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 Summerfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $8,910, found in the 66541 zip code.
Average Summerfield Assessed Value
$757,098
Average Pawnee County Assessed Value
$62,218
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Summerfield, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66541 | $635,176 | $680,896 | $757,098 | $833,299 | $879,020 |
Source: Ownwell
Property Tax Bills Across Summerfield, Nebraska
Property tax bills in Summerfield, Pawnee County, NE are calculated based on the assessed value of a property. Local assessors determine this value, which is often a percentage of the property's market value. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For context, the national median property tax rate is 0.99%. In Summerfield, the median home price is $757,098. Homeowners in the 25th percentile can expect a tax bill around $7,718, while those in the 75th percentile face approximately $10,102. The 90th percentile tax bill reaches up to $10,818. These figures highlight how the assessed value and local tax rates can significantly impact what homeowners owe annually. For homeowners, understanding how these factors interplay is crucial for financial planning. High property taxes can influence decisions about buying or selling property, and they also affect overall affordability. By staying informed, homeowners can better navigate the complexities of property tax obligations.
Average Summerfield Tax Bill
$8,910
Average Pawnee County Tax Bill
$947
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Summerfield, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66541 | $7,002 | $7,718 | $8,910 | $10,102 | $10,818 |
Source: Ownwell