Lincoln, Nebraska Property Taxes
The median property tax rate in Lincoln, NE is 1.34%, notably higher than both the national median of 0.99% and Nebraska's state median of 1.75%. With the median home value in Lincoln at $427,409, the typical annual property tax bill reaches $5,608, surpassing the national median of $2,690. Property taxes in Lincoln are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lincoln'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 Lincoln 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
Lincoln, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.34%
Estimate Property Tax Bill
$5,727
Ownwell’s Lincoln Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lincoln with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lincoln 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 Lincoln, Nebraska
Property taxes in Lincoln, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lincoln is 1.34%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lincoln set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lincoln 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 Lincoln's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68528 zip code has the highest median property tax rate of 1.34%, while the 68532 zip code has the lowest median tax rate of 1.34%. Understanding how these cities compare with Lincoln provides valuable insights into the varying tax landscape across Seward County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lincoln Tax Rate
1.34%
Average Seward County Tax Rate
1.59%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lincoln, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68528 | 1.31% | 1.32% | 1.34% | 1.35% | 1.35% |
| 68532 | 1.34% | 1.34% | 1.34% | 1.34% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Lincoln, Nebraska
In Lincoln, 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 Seward 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 Lincoln, 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 Lincoln helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Lincoln is $6,570 in the 68532 zip code, while the lowest is $4,961 in the 68528 zip code.
Average Lincoln Assessed Value
$427,409
Average Seward County Assessed Value
$185,126
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lincoln, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68528 | $187,838 | $221,221 | $373,712 | $432,343 | $540,561 |
| 68532 | $491,610 | $491,610 | $491,610 | $491,610 | $491,610 |
Source: Ownwell
Property Tax Bills Across Lincoln, Nebraska
In Lincoln, property tax bills are determined by assessing the market value of a home and applying the local property tax rate to that value. The assessed value is a percentage of the market value, which is then multiplied by the tax rate to calculate the annual property tax bill. Several factors influence the tax bill, including the property's location, size, and condition, as well as any applicable exemptions or abatements. Homeowners in Lincoln face varying tax bills depending on their property's assessed value. For example, the median home price in Lincoln is $427,409. At the 25th percentile, homeowners might expect a tax bill around $3,426, while those at the 75th percentile could see bills as high as $6,210. The 90th percentile tax bill reaches up to $7,413. The highest median tax bill in Lincoln is $6,570 in the 68532 zip code, while the lowest is $4,961 in the 68528 zip code. These property taxes significantly impact homeowners' annual expenses, making it crucial to understand how they are calculated.
Average Lincoln Tax Bill
$5,608
Average Seward County Tax Bill
$2,810
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Lincoln, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68528 | $2,498 | $2,982 | $4,961 | $5,790 | $7,264 |
| 68532 | $6,570 | $6,570 | $6,570 | $6,570 | $6,570 |
Source: Ownwell