Hastings, Nebraska Property Taxes
The median property tax rate in Hastings, NE is 1.12%, 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 $126,070, the typical annual property tax bill in Hastings reaches $1,590, below the national median of $2,690. Property taxes in Hastings are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Hastings' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Hastings 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
Hastings, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$1,412
$1,310
Ownwell’s Hastings Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hastings with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hastings 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 Hastings, Nebraska
Property taxes in Hastings, Nebraska, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hastings is 1.12%, higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Hastings set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hastings 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 Hastings' effective property tax rate to other counties in Nebraska and the national median. For comparison, the zip code 68901 has the highest median property tax rate of 1.12%, while the same zip code also has the lowest median tax rate of 1.12%. Understanding how these cities compare with Hastings 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 Hastings Tax Rate
1.12%
Average Clay County Tax Rate
1.67%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hastings, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68901 | 1.05% | 1.12% | 1.12% | 1.30% | 1.45% |
Source: Ownwell
Property Tax Assessment Values Across Hastings, Nebraska
In Hastings, 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 Hastings, 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 Hastings helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Hastings are both $1,590, with the zip code 68901.
Average Hastings Assessed Value
$126,070
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 Hastings, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68901 | $2,199 | $57,405 | $126,070 | $272,905 | $1,003,115 |
Source: Ownwell
Property Tax Bills Across Hastings, Nebraska
In Hastings, property tax bills are calculated based on the assessed value of a home, which is determined by the local county assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as the home's location, size, and market conditions play a significant role in determining its assessed value. In Hastings, the median home price is $126,070. Homeowners in Hastings can expect their property tax bills to vary widely. For instance, the tax bill at the 25th percentile is $605, while at the 75th percentile, it rises to $3,551. The 90th percentile sees a significant increase, with tax bills reaching $11,126. The highest median tax bill in the city is $1,590, which is consistent across all zip codes. When compared to the national median property tax rate of 0.99%, Hastings' property tax rates can create a substantial financial impact on homeowners, influencing their overall cost of living and long-term financial planning.
Average Hastings Tax Bill
$1,590
Average Clay County Tax Bill
$1,360
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Hastings, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68901 | $29 | $605 | $1,590 | $3,551 | $11,126 |
Source: Ownwell