Lexington, Nebraska Property Taxes
The median property tax rate in Lexington, NE is 1.81%, considerably higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in Lexington, the typical annual property tax bill reaches $1,719, exceeding the national median of $2,690. Property taxes in Lexington 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 Lexington'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 Lexington 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
Lexington, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.81%
Estimate Property Tax Bill
$1,787
$1,658
Ownwell’s Lexington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lexington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lexington 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 Lexington, Nebraska
Property taxes in Lexington, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lexington is 1.81%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lexington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lexington 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 Lexington's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68850 zip code has both the highest and lowest median property tax rate of 1.81%. Understanding how these areas compare with Lexington 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 Lexington Tax Rate
1.81%
Average Dawson County Tax Rate
1.81%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lexington, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68850 | 1.43% | 1.81% | 1.81% | 1.81% | 1.81% |
Source: Ownwell
Property Tax Assessment Values Across Lexington, Nebraska
In Lexington, 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's Office 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 Lexington, 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 Lexington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lexington is $98,720, with the highest and lowest median tax bills both being $1,719 in the zip code 68850.
Average Lexington Assessed Value
$98,720
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 Lexington, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68850 | $8,223 | $52,447 | $98,720 | $152,364 | $217,322 |
Source: Ownwell
Property Tax Bills Across Lexington, Nebraska
In Lexington, located in Dawson County, NE, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects a percentage of the market value. For homeowners in Lexington, the median home price is $98,720. Property tax rates can vary, but the national median property tax rate is 0.99%. Several factors influence the final tax bill, including the property's assessed value, any applicable exemptions, and the specific tax rate set by local authorities. For example, in Lexington, the 25th percentile tax bill is $938, while the 75th percentile reaches $2,652, and the 90th percentile can go up to $3,673. These figures illustrate the range of what homeowners might expect to pay annually. Higher property tax bills can impact homeowners by increasing the cost of owning a home, which may influence decisions about purchasing or maintaining property in the area. Understanding these factors helps homeowners better anticipate their financial responsibilities.
Average Lexington Tax Bill
$1,719
Average Dawson County Tax Bill
$1,900
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Lexington, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68850 | $153 | $938 | $1,719 | $2,652 | $3,673 |
Source: Ownwell