Fairfield, Nebraska Property Taxes
The median property tax rate in Fairfield, NE is 1.64%, considerably higher than the national median of 0.99% but slightly below Nebraska's state median of 1.75%. With a median home value of $79,912 in Fairfield, the typical annual property tax bill reaches $1,111, which is significantly lower than the national median of $2,690. Property taxes in Fairfield are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Fairfield'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 Fairfield or another part of Clay County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fairfield, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.64%
Estimate Property Tax Bill
$1,311
$1,216
Ownwell’s Fairfield Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Fairfield. By simply entering your property's estimated assessed value, the calculator uses the median tax rate specific to Fairfield to provide an accurate estimate of your property tax bill. This tool is designed to help you better understand your potential tax liabilities and make informed financial decisions. For those interested in more granular data, further localized information is available. Remember, your property's assessed value is determined by the county for tax purposes, factoring in any applicable exemptions.
Property Tax Rates Across Fairfield, Nebraska
Property taxes in Fairfield, Nebraska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairfield is 1.64%, significantly higher than the U.S. national median of 0.99%. Local government entities within Fairfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairfield 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 Fairfield's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68938 zip code has the highest median property tax rate of 1.64%, while the same zip code also has the lowest median tax rate of 1.64%. Understanding how these cities compare with Fairfield provides valuable insights into the varying tax landscape across Clay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairfield Tax Rate
1.64%
Average Clay County Tax Rate
1.67%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairfield, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68938 | 1.03% | 1.12% | 1.64% | 1.64% | 1.64% |
Source: Ownwell
Property Tax Assessment Values Across Fairfield, Nebraska
In Fairfield, 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 Clay 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 Fairfield, 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 Fairfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Fairfield is $1,111 in zip code 68938, while the lowest is also $1,111 in the same zip code.
Average Fairfield Assessed Value
$79,912
Average Clay County Assessed Value
$85,465
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairfield, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68938 | $11,370 | $33,082 | $79,912 | $166,942 | $402,776 |
Source: Ownwell
Property Tax Bills Across Fairfield, Nebraska
In Fairfield, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the home's market value. Multiple factors influence the tax bill, including the local tax rate set by various taxing entities like schools, municipalities, and special districts. Fairfield's property tax rate is competitive compared to the national median of 0.99%. For homeowners, this means that a property with a median home price of $79,912 could see varying tax bills. For example, tax bills can range from $388 at the 25th percentile to $4,467 at the 90th percentile. The highest and lowest median tax bills in the area are both $1,111, reflecting a relatively stable tax environment within the zip code 68938. Understanding these factors helps homeowners anticipate their annual property tax obligations and manage their finances more effectively.
Average Fairfield Tax Bill
$1,111
Average Clay County Tax Bill
$1,360
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairfield, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68938 | $76 | $388 | $1,111 | $2,186 | $4,467 |
Source: Ownwell