Callaway, Nebraska Property Taxes
The median property tax rate in Callaway, NE is 1.38%, which is considerably higher than both the national median of 0.99% and Nebraska's state median of 1.75%. With the median home value in Callaway, the typical annual property tax bill reaches $1,374, exceeding the national median of $2,690. Property taxes in Callaway 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 Callaway'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 Callaway 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
Callaway, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.38%
Estimate Property Tax Bill
$1,493
$1,386
Ownwell’s Callaway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Callaway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Callaway 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 Callaway, Nebraska
Property taxes in Callaway, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Callaway is 1.38%, significantly higher than the U.S. national median of 0.99%. Local government entities within Callaway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Callaway 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 Callaway's effective property tax rate to other areas in Nebraska and the national median. For comparison, the zip code 68825 has the highest median property tax rate of 1.38%, while the same zip code also has the lowest median tax rate of 1.38%. Understanding how these areas compare with Callaway provides valuable insights into the varying tax landscape across Custer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Callaway Tax Rate
1.38%
Average Custer County Tax Rate
1.38%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Callaway, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68825 | 1.06% | 1.08% | 1.38% | 1.38% | 1.38% |
Source: Ownwell
Property Tax Assessment Values Across Callaway, Nebraska
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Callaway, Nebraska. 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 Custer 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 Callaway, 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 Callaway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 68825, with a median tax bill of $1,374, while the lowest is also 68825, with the same median tax bill value.
Average Callaway Assessed Value
$108,221
Average Custer County Assessed Value
$99,711
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Callaway, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68825 | $23,380 | $54,938 | $108,221 | $230,602 | $436,008 |
Source: Ownwell
Property Tax Bills Across Callaway, Nebraska
Property tax bills in Callaway, located in Custer County, Nebraska, are determined by assessing the market value of a property and applying the local tax rate to that assessed value. The median home price in Callaway is $108,221. Homeowners can expect a wide range of tax bills depending on their property's assessed value and the specific tax rate applied. For instance, the 25th percentile tax bill is around $686, while those in the 75th percentile pay approximately $2,865. At the higher end, the 90th percentile tax bill reaches up to $5,018. Several factors contribute to the final tax bill, including property size, location, and any applicable exemptions or deductions. These taxes fund essential services such as schools, infrastructure, and public safety, directly impacting the quality of life in Callaway. Comparatively, the national median property tax rate is 0.99%, making it crucial for homeowners to understand their local rates and how they influence their annual expenses.
Average Callaway Tax Bill
$1,374
Average Custer County Tax Bill
$1,435
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Callaway, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68825 | $270 | $686 | $1,374 | $2,865 | $5,018 |
Source: Ownwell