Mondamin, Nebraska Property Taxes
The median property tax rate in Mondamin, NE is 1.24%, which is higher than the national median of 0.99% but lower than the Nebraska state median of 1.75%. With a median home value of $31,386, the typical annual property tax bill in Mondamin is $417, significantly lower than the national median of $2,690. Property taxes here are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Navigating Mondamin's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Mondamin or another part of Burt County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mondamin, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.24%
Estimate Property Tax Bill
$389
Ownwell’s Mondamin Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Mondamin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mondamin 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 Mondamin, Nebraska
Property taxes in Mondamin, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mondamin is 1.35%, significantly higher than both the Nebraska state median of 1.61% and the U.S. national median of 0.99%. Local government entities within Mondamin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mondamin 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 Mondamin's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68106 zip code has the highest median property tax rate of 2.15%, while the 69301 zip code has the lowest median tax rate of 1.07%. Understanding how these cities compare with Mondamin provides valuable insights into the varying tax landscape across Burt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mondamin Tax Rate
1.24%
Average Burt County Tax Rate
2.13%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mondamin, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Mondamin, Nebraska
In Mondamin, 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 local 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 Mondamin, 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 Mondamin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area stands at $31,386, with tax bills ranging from $155 at the 25th percentile to $933 at the 90th percentile.
Average Mondamin Assessed Value
$31,386
Average Burt County Assessed Value
$83,382
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mondamin, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Mondamin, Nebraska
In Mondamin, located in Burt County, NE, property tax bills are calculated based on the assessed value of a property and the applicable tax rate. The assessed value is determined by the county assessor and typically reflects a percentage of the market value of the home. For example, with a median home price of $31,386, the assessed value will be a fraction of this amount. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. The tax bill can vary significantly; homeowners in the 25th percentile pay around $155, while those in the 75th percentile pay approximately $707. At the 90th percentile, the tax bill can be as high as $933. These figures highlight the range of property tax obligations within the community. Compared to the national median property tax rate of 0.99%, Mondamin's property tax rates may offer some relief to homeowners, but the actual impact depends on individual property assessments and local tax policies. Understanding these factors is crucial for homeowners to manage their financial planning effectively.
Average Mondamin Tax Bill
$417
Average Burt County Tax Bill
$1,641
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Mondamin, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell