Lawrence, Nebraska Property Taxes
The median property tax rate in Lawrence, Nebraska is 1.45%, notably higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in Lawrence at $249,749, the typical annual property tax bill reaches $3,149, surpassing the national median of $2,690. Property taxes in Lawrence 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 Lawrence'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 Lawrence 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
Lawrence, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.45%
Estimate Property Tax Bill
$3,621
$3,361
Ownwell’s Lawrence Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lawrence with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lawrence 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 Lawrence, Nebraska
Property taxes in Lawrence, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lawrence is 1.25%, higher than both the Nebraska state median of 1.61% and the U.S. national median of 0.99%. Local government entities within Lawrence set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lawrence 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 Lawrence's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68957 zip code has the highest median property tax rate of 1.45%, while the same zip code also has the lowest median tax rate of 1.45%. Understanding how these cities compare with Lawrence provides valuable insights into the varying tax landscape across Adams County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lawrence Tax Rate
1.45%
Average Adams County Tax Rate
2.25%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lawrence, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68957 | 1.30% | 1.36% | 1.45% | 1.49% | 1.52% |
Source: Ownwell
Property Tax Assessment Values Across Lawrence, Nebraska
In Lawrence, 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 Adams 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 Lawrence, 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 Lawrence helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 68957 in Lawrence has the highest median tax bill at $3,149, while the lowest median tax bill is also in zip code 68957 at $3,149.
Average Lawrence Assessed Value
$249,749
Average Adams County Assessed Value
$124,114
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lawrence, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68957 | $174,308 | $202,598 | $249,749 | $349,797 | $409,826 |
Source: Ownwell
Property Tax Bills Across Lawrence, Nebraska
In Lawrence, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is a percentage of the property's market value. Homeowners in Lawrence can expect to pay property taxes that vary significantly, influenced by the assessed value and the local tax rate. For instance, while the national median property tax rate is 0.99%, the tax bills in Lawrence show a range of values. The 25th percentile tax bill is $2,765, indicating that a quarter of homeowners pay less than this amount annually. On the higher end, the 75th percentile tax bill is $4,846, and the 90th percentile tax bill reaches $5,864. The highest median tax bill in the region is $3,149, which is consistent across zip code 68957. These variations in tax bills can significantly impact homeowners, influencing their overall housing costs and potentially their decisions on property investments. Understanding these factors is crucial for homeowners to manage their finances effectively.
Average Lawrence Tax Bill
$3,149
Average Adams County Tax Bill
$2,530
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Lawrence, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68957 | $2,535 | $2,765 | $3,149 | $4,846 | $5,864 |
Source: Ownwell