Elkhorn, Nebraska Property Taxes
The median property tax rate in Elkhorn, NE is 2.16%, significantly higher than both the national median of 0.99% and Nebraska's state median of 1.75%. With a median home value of $353,900 in Elkhorn, the typical annual property tax bill reaches $7,754, far exceeding the national median of $2,690. Property taxes in Elkhorn are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Elkhorn'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 Elkhorn 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
Elkhorn, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.16%
Estimate Property Tax Bill
$7,644
Ownwell’s Elkhorn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elkhorn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elkhorn 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 Elkhorn, Nebraska
Property taxes in Elkhorn, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elkhorn is 2.16%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Elkhorn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elkhorn 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 Elkhorn's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68022 zip code has the highest median property tax rate of 2.16%, while the same zip code also has the lowest median tax rate of 2.16%. Understanding how these cities compare with Elkhorn provides valuable insights into the varying tax landscape across Douglas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elkhorn Tax Rate
2.16%
Average Douglas County Tax Rate
1.96%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elkhorn, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68022 | 1.57% | 1.91% | 2.16% | 2.34% | 2.76% |
Source: Ownwell
Property Tax Assessment Values Across Elkhorn, Nebraska
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Elkhorn, 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 Douglas 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 Elkhorn, 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 Elkhorn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 68022 has both the highest and lowest median tax bill at $7,754, reflecting the uniformity in assessment practices within the region.
Average Elkhorn Assessed Value
$353,900
Average Douglas County Assessed Value
$206,800
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elkhorn, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68022 | $29,100 | $200,350 | $353,900 | $487,200 | $641,640 |
Source: Ownwell
Property Tax Bills Across Elkhorn, Nebraska
In Elkhorn, located in Douglas County, NE, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is typically a percentage of the home's market value, and this percentage can vary. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. Several factors influence the final tax bill, including the home's assessed value, local tax rates, and any applicable exemptions or deductions. For example, the median home price in Elkhorn is $353,900, and tax bills can vary significantly. For homeowners at the 25th percentile, tax bills are around $4,628, while those at the 75th percentile may see bills as high as $11,059. The highest median tax bill in the area is $7,754, found in the 68022 zip code. These property taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, making it crucial for homeowners to understand how their tax bills are determined.
Average Elkhorn Tax Bill
$7,754
Average Douglas County Tax Bill
$3,997
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Elkhorn, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68022 | $1,169 | $4,628 | $7,754 | $11,059 | $14,275 |
Source: Ownwell