Trumbull, Nebraska Property Taxes
The median property tax rate in Trumbull, NE is 1.57%, considerably higher than the national median of 0.99% but lower than the Nebraska state median of 1.75%. With the median home value in Trumbull, the typical annual property tax bill reaches $1,792, which is below the national median of $2,690. Property taxes in Trumbull 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 Trumbull'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 Trumbull 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
Trumbull, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.57%
Estimate Property Tax Bill
$1,824
Ownwell’s Trumbull Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Trumbull with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Trumbull 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 Trumbull, Nebraska
Property taxes in Trumbull, Nebraska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Trumbull is 1.57%, significantly higher than the U.S. national median of 0.99%. Local government entities within Trumbull set these rates annually, and they can vary significantly across different neighborhoods. Each year, Trumbull 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 Trumbull's effective property tax rate to other counties in Nebraska and the national median. For comparison, the zip code 68980 has both the highest and lowest median property tax rate of 1.57%. Understanding how these areas compare with Trumbull 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 Trumbull Tax Rate
1.57%
Average Clay County Tax Rate
1.67%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Trumbull, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68980 | 1.29% | 1.30% | 1.57% | 1.57% | 1.57% |
Source: Ownwell
Property Tax Assessment Values Across Trumbull, Nebraska
In Trumbull, 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 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 Trumbull, 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 Trumbull helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Trumbull is $1792 in the 68980 zip code, while the lowest median tax bill is also $1792 in the same zip code.
Average Trumbull Assessed Value
$116,162
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 Trumbull, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68980 | $20,699 | $60,012 | $116,162 | $218,726 | $375,562 |
Source: Ownwell
Property Tax Bills Across Trumbull, Nebraska
In Trumbull, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the property tax bill. In Clay County, the median home price is $116,162, and property tax bills can vary significantly. For example, the 25th percentile tax bill is $814, while the 75th percentile tax bill reaches $2,851. For those in the 90th percentile, tax bills can soar to $5,262. These variations are influenced by factors such as property location, home size, and any applicable exemptions or deductions. Homeowners in Trumbull need to be aware of these factors as they directly impact their annual property tax obligations. Compared to the national median property tax rate of 0.99%, homeowners in this area may experience different financial impacts based on their specific property valuations and local tax rates.
Average Trumbull Tax Bill
$1,792
Average Clay County Tax Bill
$1,360
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Trumbull, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68980 | $174 | $814 | $1,792 | $2,851 | $5,262 |
Source: Ownwell