North Loup, Nebraska Property Taxes
The median property tax rate in North Loup, NE is 2.24%, considerably higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in North Loup at $59,020, the typical annual property tax bill reaches $1,198, exceeding the national median of $2,690. Property taxes in North Loup 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 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 Valley County, understanding 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
2.24%
Estimate Property Tax Bill
$1,322
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 essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in North Loup is 2.24%, significantly higher than both the Nebraska state median of 1.61% 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 2.24%, while the same zip code also has the lowest median tax rate of 2.24%. Understanding how these cities compare with North Loup provides valuable insights into the varying tax landscape across Valley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average North Loup Tax Rate
2.24%
Average Valley County Tax Rate
1.81%
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 | 1.28% | 1.30% | 2.24% | 2.24% | 2.24% |
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 Valley 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 zip code with the highest and lowest median tax bill in North Loup is 68859, with a median tax bill of $1,198.
Average North Loup Assessed Value
$59,020
Average Valley County Assessed Value
$94,595
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 | $11,120 | $24,935 | $59,020 | $169,460 | $554,487 |
Source: Ownwell
Property Tax Bills Across North Loup, Nebraska
In North Loup, Valley County, NE, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and represents a percentage of the home's market value. For example, with a median home price of $59,020, the assessed value forms the basis for calculating the tax bill. 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, which in turn affects the tax bill. Homeowners in North Loup can expect tax bills to vary significantly. The 25th percentile tax bill is around $501, while the 75th percentile reaches $2,848, and the 90th percentile can be as high as $7,072. These variations highlight how different property characteristics and local tax rates impact homeowners differently. Compared to the national median property tax rate of 0.99%, North Loup’s property tax landscape can present unique challenges and opportunities for residents.
Average North Loup Tax Bill
$1,198
Average Valley County Tax Bill
$1,656
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 | $226 | $501 | $1,198 | $2,848 | $7,072 |
Source: Ownwell