Hazard, Nebraska Property Taxes
The median property tax rate in Hazard, NE is 1.22%, which is higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in Hazard at $236,205, the typical annual property tax bill reaches $4,305, significantly exceeding the national median of $2,690. Property taxes in Hazard 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 Hazard'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 Hazard 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
Hazard, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.22%
Estimate Property Tax Bill
$2,882
$2,674
Ownwell’s Hazard Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hazard with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hazard 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 Hazard, Nebraska
Property taxes in Hazard, Nebraska, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hazard is 1.22%, significantly higher than both the Nebraska state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Hazard set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hazard 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 Hazard's effective property tax rate to other counties in Nebraska and the national median. For comparison, the area with the highest median property tax rate in Buffalo County has a rate of 1.22%, while the area with the lowest median tax rate also stands at 1.22%. Understanding how these cities compare with Hazard 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 Hazard Tax Rate
1.22%
Average Buffalo County Tax Rate
1.75%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hazard, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68844 | 1.16% | 1.16% | 1.22% | 1.50% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Hazard, Nebraska
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hazard, Nebraska. 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 local 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 Hazard, 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 Hazard helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $4305.00 in zip code 68844, while the lowest median tax bill is also $4305.00 in the same zip code.
Average Hazard Assessed Value
$236,205
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 Hazard, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68844 | $93,723 | $146,595 | $236,205 | $461,380 | $673,430 |
Source: Ownwell
Property Tax Bills Across Hazard, Nebraska
In Hazard, 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 reflects a percentage of the property's market value. For homeowners in Hazard, the median home price is $236,205. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For instance, the tax bill for the 25th percentile is $1,936, while it rises significantly to $6,416 for the 75th percentile, and the 90th percentile sees a tax bill of $8,816. This variation illustrates how different property characteristics and values can impact the amount owed. Homeowners in Hazard experience property tax bills that can vary widely, affecting their overall financial planning and housing affordability. With the national median property tax rate at 0.99%, understanding these local nuances is crucial for effective financial management.
Average Hazard Tax Bill
$4,305
Average Buffalo County Tax Bill
$3,186
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Hazard, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68844 | $1,213 | $1,936 | $4,305 | $6,416 | $8,816 |
Source: Ownwell