Funk, Nebraska Property Taxes
The median property tax rate in FUNK, NE is 1.33%, which is higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in FUNK at $186,060, the typical annual property tax bill reaches $2,508, slightly below the national median of $2,690. Property taxes in FUNK are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding FUNK'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 FUNK 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
Funk, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.33%
Estimate Property Tax Bill
$2,475
Ownwell’s FUNK Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in FUNK with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FUNK 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 Funk, Nebraska
Property taxes in Funk, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Funk is 1.33%, significantly higher than the U.S. national median of 0.99%. Local government entities within Funk set these rates annually, and they can vary across different neighborhoods. Each year, Funk 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 Funk's effective property tax rate to other areas in Nebraska and the national median. For comparison, the zip code 68940 has the highest median property tax rate of 1.33%, which is also the lowest median tax rate in the same area. Understanding how these cities compare with Funk provides valuable insights into the varying tax landscape across Phelps County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Funk Tax Rate
1.33%
Average Phelps County Tax Rate
1.69%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Funk, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68940 | 1.13% | 1.13% | 1.33% | 1.48% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Funk, Nebraska
In FUNK, 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 Phelps 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 FUNK, 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 FUNK helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 68940 has the highest and lowest median tax bill, both at $2508.00, reflecting the diverse range of property values within the area.
Average Funk Assessed Value
$186,060
Average Phelps County Assessed Value
$118,096
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Funk, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68940 | $20,177 | $75,558 | $186,060 | $315,146 | $778,159 |
Source: Ownwell
Property Tax Bills Across Funk, Nebraska
Property tax bills in Funk, located in Phelps County, Nebraska, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and is typically a percentage of the property's market value. For example, if the median home price in Funk is $186,060, the assessed value will be a fraction of this amount, depending on local assessment practices. The tax bill is then calculated by applying the local property tax rate to the assessed value. In Funk, the tax bills can vary significantly. For instance, homeowners in the 25th percentile pay around $1,058, while those in the 75th percentile pay approximately $3,986. At the 90th percentile, the tax bill can be as high as $9,255. These figures indicate that property taxes in Funk can have a substantial impact on homeowners, potentially influencing decisions about buying or maintaining property in the area.
Average Funk Tax Bill
$2,508
Average Phelps County Tax Bill
$1,908
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Funk, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68940 | $300 | $1,058 | $2,508 | $3,986 | $9,255 |
Source: Ownwell