Palmyra, Nebraska Property Taxes
The median property tax rate in Palmyra, NE is 1.54%, which is considerably higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in Palmyra at $430,434, the typical annual property tax bill reaches $6,649, significantly exceeding the national median of $2,690. Property taxes in Palmyra are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Palmyra'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 Palmyra 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
Palmyra, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.54%
Estimate Property Tax Bill
$6,629
$6,151
Ownwell’s Palmyra Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Palmyra with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Palmyra 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 Palmyra, Nebraska
Property taxes in Palmyra, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palmyra is 1.54%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Palmyra set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palmyra 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 Palmyra's effective property tax rate to other areas in Nebraska and the national median. For comparison, the zip code 68418 has the highest median property tax rate of 1.54%, while the same zip code also has the lowest median tax rate of 1.54%. Understanding how these cities compare with Palmyra provides valuable insights into the varying tax landscape across Cass County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Palmyra Tax Rate
1.54%
Average Cass County Tax Rate
1.72%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Palmyra, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68418 | 1.39% | 1.45% | 1.54% | 1.54% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Palmyra, Nebraska
In Palmyra, 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 Cass 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 Palmyra, 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. The median home price in Palmyra is $430,434, with tax bills ranging from $4,816 at the 25th percentile to $9,641 at the 90th percentile. The highest and lowest median tax bills are both $6,649, found in the 68418 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Palmyra Assessed Value
$430,434
Average Cass County Assessed Value
$194,901
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Palmyra, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68418 | $240,624 | $311,802 | $430,434 | $600,876 | $703,140 |
Source: Ownwell
Property Tax Bills Across Palmyra, Nebraska
In Palmyra, located in Cass County, NE, property tax bills are determined based on the assessed value of the property and the local tax rate. The local tax rate is applied to the assessed value to calculate the annual tax bill. Factors such as property size, location, and market conditions influence the assessed value. For example, with a median home price of $430,434, homeowners can expect varying tax bills depending on their property’s assessed value. The tax bill at the 25th percentile stands at $4,816, while at the 75th percentile, it reaches $8,519. At the 90th percentile, it can go up to $9,641. The highest median tax bill in the area is $6,649, which is consistent across different zip codes. Compared to the national median property tax rate of 0.99%, Palmyra's rates can significantly impact homeowners, making it crucial for them to understand how these taxes are calculated and to explore potential exemptions or appeals to manage their financial obligations effectively.
Average Palmyra Tax Bill
$6,649
Average Cass County Tax Bill
$3,260
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Palmyra, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68418 | $3,717 | $4,816 | $6,649 | $8,519 | $9,641 |
Source: Ownwell