Albion, Nebraska Property Taxes
The median property tax rate in Albion, NE is 1.10%, slightly above the national median of 0.99% but lower than the Nebraska state median of 1.75%. With a median home value of $196,035 in Albion, the typical annual property tax bill amounts to $2,004, which is below the national median of $2,690. Property taxes in Albion are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Albion's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in significant annual savings. Whether you're in the heart of Albion or another part of Boone County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Albion, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$2,156
Ownwell’s Albion Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Albion with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Albion 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 Albion, Nebraska
Property taxes in Albion, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Albion is 1.10%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Albion set these rates annually, and they can vary significantly across different neighborhoods. Each year, Albion 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 Albion's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68620 zip code has the highest median property tax rate of 1.10%, while the same zip code also has the lowest median tax rate of 1.10%. Understanding how these cities compare with Albion provides valuable insights into the varying tax landscape across Boone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Albion Tax Rate
1.10%
Average Boone County Tax Rate
1.08%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Albion, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68620 | 0.79% | 0.80% | 1.10% | 1.10% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Albion, Nebraska
In Albion, 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 Boone County Assessor 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 Albion, 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 Albion 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 is 68620, both at $2,004, highlighting the consistency in property tax assessments within the region.
Average Albion Assessed Value
$196,035
Average Boone County Assessed Value
$170,105
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Albion, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68620 | $51,085 | $111,585 | $196,035 | $390,260 | $838,600 |
Source: Ownwell
Property Tax Bills Across Albion, Nebraska
In Albion, Boone County, NE, 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 then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $196,035, the tax bill can vary significantly. Homeowners in the 25th percentile can expect to pay around $1,111, while those in the 75th percentile might see bills closer to $3,681. At the higher end, the 90th percentile tax bill can reach up to $6,707. Factors influencing the tax bill include the home's assessed value, local tax rates, and any applicable exemptions. These taxes are crucial for funding local services such as schools, public safety, and infrastructure. Comparatively, Albion's property tax rates can be higher or lower than the national median rate of 0.99%, affecting homeowners' annual financial planning and overall cost of living.
Average Albion Tax Bill
$2,004
Average Boone County Tax Bill
$1,754
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Albion, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68620 | $468 | $1,111 | $2,004 | $3,681 | $6,707 |
Source: Ownwell