North Loup, Nebraska Property Taxes
The median property tax rate in North Loup, NE is 1.19%, which is higher than the national median of 0.99% but lower than the Nebraska state median of 1.75%. With a median home value of $305,745, the typical annual property tax bill in North Loup reaches $3,611, surpassing the national median of $2,690. Property taxes in North Loup are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding North Loup'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 North Loup or another part of Sherman County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
North Loup, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.19%
Estimate Property Tax Bill
$3,638
Ownwell’s North Loup Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Loup with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Loup 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 North Loup, Nebraska
Property taxes in North Loup, Nebraska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Loup is 1.19%, higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within North Loup set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Loup 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 North Loup's effective property tax rate to other counties in Nebraska and the national median. For comparison, the zip code 68859 has the highest median property tax rate of 1.19%, while the zip code 68859 has the lowest median tax rate of 1.19%. Understanding how these cities compare with North Loup provides valuable insights into the varying tax landscape across Sherman County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average North Loup Tax Rate
1.19%
Average Sherman County Tax Rate
1.30%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across North Loup, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68859 | 1.02% | 1.19% | 1.19% | 1.21% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across North Loup, Nebraska
In North Loup, 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 Sherman 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 North Loup, 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 North Loup helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $3,611 in zip code 68859, while the lowest median tax bill is also $3,611 in the same zip code.
Average North Loup Assessed Value
$305,745
Average Sherman County Assessed Value
$99,345
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across North Loup, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68859 | $125,548 | $302,620 | $305,745 | $316,220 | $907,547 |
Source: Ownwell
Property Tax Bills Across North Loup, Nebraska
In North Loup, Sherman County, NE, property tax bills are determined 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 in North Loup has a median home price of $305,745. The local tax rate is applied to this assessed value to calculate the annual tax bill. For instance, homeowners in the 25th percentile pay around $2,788, while those in the 75th percentile see bills closer to $3,824. The tax bill can go as high as $10,824 for homes in the 90th percentile. This tax system ensures that homeowners contribute to local services like schools, emergency services, and infrastructure based on the value of their property. Compared to the national median property tax rate of 0.99%, North Loup's rates can significantly impact household budgets, especially for those with higher-valued homes. As a result, understanding how these factors interplay is crucial for homeowners to manage their finances effectively.
Average North Loup Tax Bill
$3,611
Average Sherman County Tax Bill
$1,395
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across North Loup, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68859 | $1,184 | $2,788 | $3,611 | $3,824 | $10,824 |
Source: Ownwell