Farnam, Nebraska Property Taxes
The median property tax rate in Farnam, NE is 1.69%, which is higher than the national median of 0.99% but slightly lower than the Nebraska state median of 1.75%. With a median home value of $51,098 in Farnam, the typical annual property tax bill amounts to $732, which is well below the national median of $2,690. Property taxes in Farnam are assessed based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Farnam'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 Farnam or another part of Dawson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Farnam, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.69%
Estimate Property Tax Bill
$864
$801
Ownwell’s Farnam Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farnam with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farnam 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 Farnam, Nebraska
Property taxes in Farnam, Nebraska, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farnam is 2.01%, significantly higher than both the Nebraska state median of 1.61% and the U.S. national median of 0.99%. Local government entities within Farnam set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farnam 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 Farnam's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 69029 zip code has the highest median property tax rate of 2.01%, while the same zip code also has the lowest median tax rate of 2.01%. Understanding how these cities compare with Farnam provides valuable insights into the varying tax landscape across Dawson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farnam Tax Rate
1.69%
Average Dawson County Tax Rate
1.81%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farnam, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69029 | 1.19% | 1.49% | 1.69% | 1.69% | 1.69% |
Source: Ownwell
Property Tax Assessment Values Across Farnam, Nebraska
In Farnam, 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 Dawson 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 Farnam, 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. For example, the highest median tax bill in Farnam is $732 in zip code 69029. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Farnam Assessed Value
$51,098
Average Dawson County Assessed Value
$101,091
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farnam, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69029 | $10,454 | $21,416 | $51,098 | $104,670 | $279,863 |
Source: Ownwell
Property Tax Bills Across Farnam, Nebraska
In Farnam, Dawson County, NE, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The median home price in Farnam is $51,098, and the property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For example, homeowners in Farnam may see tax bills ranging from $316 at the 25th percentile to $3,764 at the 90th percentile, reflecting the variability in property values and tax obligations. The highest median tax bill in the area is $732, which is significantly lower than the national median property tax rate of 0.99%. This lower tax burden can make homeownership more affordable in Farnam compared to other regions. However, it's essential for homeowners to stay informed about their property assessments and any potential exemptions they may qualify for to ensure they are not overpaying on their property taxes.
Average Farnam Tax Bill
$732
Average Dawson County Tax Bill
$1,900
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Farnam, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69029 | $141 | $316 | $732 | $1,916 | $3,764 |
Source: Ownwell