Elm Creek, Nebraska Property Taxes
The median property tax rate in Elm Creek, NE is 1.94%, significantly higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in Elm Creek at $145,970, the typical annual property tax bill reaches $2,550, just below the national median of $2,690. Property taxes in Elm Creek are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Elm Creek'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 Elm Creek 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
Elm Creek, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.94%
Estimate Property Tax Bill
$2,832
Ownwell’s Elm Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elm Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elm Creek 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 Elm Creek, Nebraska
Property taxes in Elm Creek, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elm Creek is 1.94%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Elm Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elm Creek 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 Elm Creek's effective property tax rate to other counties in Nebraska and the national median. For comparison, the zip code 68836 has both the highest and the lowest median property tax rate of 1.94%. Understanding how these areas compare with Elm Creek provides valuable insights into the varying tax landscape across Buffalo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elm Creek Tax Rate
1.94%
Average Buffalo County Tax Rate
1.75%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elm Creek, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68836 | 1.55% | 1.56% | 1.94% | 1.94% | 1.94% |
Source: Ownwell
Property Tax Assessment Values Across Elm Creek, Nebraska
In Elm Creek, 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 Buffalo 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 Elm Creek, 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 Elm Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 68836, with a median bill of $2,550, while the zip code with the lowest median tax bill also falls under 68836 with the same median bill of $2,550.
Average Elm Creek Assessed Value
$145,970
Average Buffalo County Assessed Value
$185,962
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elm Creek, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68836 | $48,309 | $91,145 | $145,970 | $227,288 | $371,858 |
Source: Ownwell
Property Tax Bills Across Elm Creek, Nebraska
In Elm Creek, Buffalo County, NE, property tax bills are calculated based on the assessed value of a home. The median home price in Elm Creek is $145,970. Local taxing authorities determine the assessed value, which is then multiplied by the local tax rate to calculate the annual property tax bill. Factors such as property size, location, and condition significantly influence the assessed value. Homeowners in Elm Creek experience varying property tax bills. The 25th percentile of tax bills is $1,497, while the 75th percentile reaches $4,055, and the 90th percentile soars to $6,079. These figures highlight the range of property tax burdens depending on individual property assessments and applicable exemptions. Compared to the national median property tax rate of 0.99%, Elm Creek's tax rates and resulting bills can be considerable. This variability affects homeowners' financial planning, as higher property taxes can significantly impact household budgets. Understanding these factors is crucial for homeowners to manage their finances effectively and anticipate future tax obligations.
Average Elm Creek Tax Bill
$2,550
Average Buffalo County Tax Bill
$3,186
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Elm Creek, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68836 | $667 | $1,497 | $2,550 | $4,055 | $6,079 |
Source: Ownwell