Cambridge, Nebraska Property Taxes
The median property tax rate in Cambridge, NE is 1.29%, considerably higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in Cambridge, the typical annual property tax bill reaches $3,150, exceeding the national median of $2,690. Property taxes in Cambridge 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 Cambridge'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 Cambridge 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
Cambridge, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.29%
Estimate Property Tax Bill
$3,305
Ownwell’s Cambridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cambridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cambridge 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 Cambridge, Nebraska
Property taxes in Cambridge, Nebraska, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Cambridge is 1.29%, significantly higher than the U.S. national median of 0.99%. Local government entities within Cambridge set these rates annually, and they can vary across different neighborhoods. Each year, Cambridge 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 Cambridge's effective property tax rate to other areas and the national median. For comparison, the zip code 69022 has the highest median property tax rate of 1.29%, while the same zip code also has the lowest median tax rate of 1.29%. Understanding how these figures compare with Cambridge provides valuable insights into the varying tax landscape across Red Willow County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cambridge Tax Rate
1.29%
Average Red Willow County Tax Rate
1.75%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cambridge, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69022 | 1.07% | 1.08% | 1.29% | 1.31% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Cambridge, Nebraska
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cambridge, Nebraska. 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 Red Willow 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 Cambridge, 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. The median home price in Cambridge is $256,226, with tax bills ranging from $1,801 at the 25th percentile to $8,373 at the 90th percentile. The highest and lowest median tax bills, both at $3,150, are found in the 69022 zip code. Being aware of these valuation processes in Cambridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cambridge Assessed Value
$256,226
Average Red Willow County Assessed Value
$101,885
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cambridge, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69022 | $80,152 | $154,656 | $256,226 | $542,146 | $663,156 |
Source: Ownwell
Property Tax Bills Across Cambridge, Nebraska
In Cambridge, located in Red Willow County, NE, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate the market value of the property. This value is then multiplied by the local tax rate to calculate the annual tax bill. The median home price in Cambridge stands at $256,226, which serves as a benchmark for determining property taxes. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. For example, the tax bill at the 25th percentile is $1,801, while at the 75th percentile, it rises to $6,434. The highest median tax bill in the area is $3,150, found in zip code 69022. These variations can significantly impact homeowners, affecting their annual budgeting and long-term financial planning. Comparing this to the national median property tax rate of 0.99%, Cambridge's property taxes can be seen as relatively moderate, making it an attractive option for potential homeowners.
Average Cambridge Tax Bill
$3,150
Average Red Willow County Tax Bill
$1,615
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Cambridge, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69022 | $755 | $1,801 | $3,150 | $6,434 | $8,373 |
Source: Ownwell