Lynch, Nebraska Property Taxes
The median property tax rate in Lynch, NE is 1.05%, slightly higher than the national median of 0.99% but lower than the Nebraska state median of 1.75%. With the median home value in Lynch at $36,815, the typical annual property tax bill is $451, which is significantly below the national median of $2,690. Property taxes in Lynch are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Lynch'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 Lynch or another part of Boyd County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lynch, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$387
Ownwell’s Lynch Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lynch with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lynch 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 Lynch, Nebraska
Property taxes in Lynch, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lynch is 1.05%, higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Lynch set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lynch 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 Lynch's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68755 zip code has the highest median property tax rate of 1.36%, while the 68746 zip code has the lowest median tax rate of 1.05%. Understanding how these cities compare with Lynch provides valuable insights into the varying tax landscape across Boyd County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lynch Tax Rate
1.05%
Average Boyd County Tax Rate
1.36%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lynch, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68746 | 1.02% | 1.04% | 1.05% | 1.36% | 1.36% |
| 68755 | 1.36% | 1.36% | 1.36% | 1.36% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Lynch, Nebraska
In Lynch, 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 Boyd 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 Lynch, 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 Lynch helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in Boyd County is $1,199 in the 68755 zip code, while the lowest is $450 in the 68746 zip code.
Average Lynch Assessed Value
$36,815
Average Boyd County Assessed Value
$47,040
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lynch, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68746 | $8,123 | $14,945 | $36,075 | $77,055 | $278,759 |
| 68755 | $88,225 | $88,225 | $88,225 | $88,225 | $88,225 |
Source: Ownwell
Property Tax Bills Across Lynch, Nebraska
In Lynch, Boyd County, NE, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Lynch experience a range of property tax bills. For instance, the 25th percentile tax bill is $152, while the 75th percentile tax bill reaches $982. At the higher end, the 90th percentile tax bill can soar to $2,875. These tax bills are influenced by various factors, including property size, location, and market conditions. Homeowners in the zip code 68755 experience the highest median tax bill at $1,199, whereas those in zip code 68746 have the lowest median tax bill at $450. Compared to the national median property tax rate of 0.99%, Lynch's property tax rates can significantly impact homeowners' financial planning and budgeting, making it crucial for them to understand their assessed values and tax liabilities.
Average Lynch Tax Bill
$451
Average Boyd County Tax Bill
$645
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Lynch, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68746 | $88 | $151 | $450 | $971 | $2,876 |
| 68755 | $1,199 | $1,199 | $1,199 | $1,199 | $1,199 |
Source: Ownwell