Monroe, Nebraska Property Taxes
The median property tax rate in Monroe, NE is 1.12%, 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 Monroe at $152,210, the typical annual property tax bill reaches $1,985, falling below the national median of $2,690. Property taxes in Monroe are calculated based on the assessed value, which is often less than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Monroe'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 Monroe 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
Monroe, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$1,705
Ownwell’s Monroe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monroe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monroe 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 Monroe, Nebraska
Property taxes in Monroe, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monroe is 1.12%, higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Monroe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monroe 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 Monroe's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68647 zip code has both the highest and lowest median property tax rate of 1.12%. Understanding how these cities compare with Monroe provides valuable insights into the varying tax landscape across Platte County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monroe Tax Rate
1.12%
Average Platte County Tax Rate
1.78%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monroe, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68647 | 0.99% | 1.10% | 1.12% | 1.53% | 1.53% |
Source: Ownwell
Property Tax Assessment Values Across Monroe, Nebraska
In Monroe, 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 Platte 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 Monroe, 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. For example, the median home price in Monroe is $152,210, and tax bills can range significantly. The 25th percentile tax bill is $1,051, while the 75th percentile tax bill is $3,546, and the 90th percentile tax bill is $6,540. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to manage their tax burden effectively.
Average Monroe Assessed Value
$152,210
Average Platte County Assessed Value
$171,615
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monroe, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68647 | $40,348 | $83,680 | $152,210 | $318,740 | $590,486 |
Source: Ownwell
Property Tax Bills Across Monroe, Nebraska
In Monroe, located in Platte County, NE, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value of the property, which is determined by county assessors. For example, with a median home price of $152,210, the assessed value forms the basis for the tax bill calculation. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, subsequently affecting the tax bill. In Monroe, property tax bills can range significantly, with the 25th percentile paying around $1,051 and the 90th percentile paying up to $6,540. These tax bills have a direct impact on homeowners, influencing their annual expenses and overall cost of living. Compared to the national median property tax rate of 0.99%, Monroe's property taxes can vary widely, making it essential for homeowners to understand their local tax obligations.
Average Monroe Tax Bill
$1,985
Average Platte County Tax Bill
$2,760
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Monroe, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68647 | $488 | $1,051 | $1,985 | $3,546 | $6,540 |
Source: Ownwell