Milligan, Nebraska Property Taxes
The median property tax rate in Milligan, NE is 1.35%, which is higher than the national median of 0.99% but lower than the Nebraska state median of 1.75%. With a median home value of $59,955 in Milligan, the typical annual property tax bill amounts to $784, significantly less than the national median of $2,690. Property taxes in Milligan are calculated based on the assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Milligan's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Milligan or another part of Fillmore County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Milligan, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$809
$751
Ownwell’s Milligan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milligan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milligan 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 Milligan, Nebraska
Property taxes in Milligan, Nebraska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milligan is 1.35%, significantly higher than the U.S. national median of 0.99%. Local government entities within Milligan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milligan 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 Milligan's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68406 zip code has both the highest and lowest median property tax rate of 1.35%. Understanding how these cities compare with Milligan provides valuable insights into the varying tax landscape across Fillmore County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milligan Tax Rate
1.35%
Average Fillmore County Tax Rate
1.63%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milligan, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68406 | 0.89% | 0.91% | 1.35% | 1.35% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Milligan, Nebraska
In Milligan, 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 Fillmore 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. 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 Milligan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 68406 has the highest and lowest median tax bill at $784.
Average Milligan Assessed Value
$59,955
Average Fillmore County Assessed Value
$93,580
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milligan, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68406 | $12,334 | $25,134 | $59,955 | $134,402 | $448,649 |
Source: Ownwell
Property Tax Bills Across Milligan, Nebraska
In Milligan, located in Fillmore 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 a percentage of the market value of the property. Homeowners in Milligan can expect their tax bills to vary significantly based on their property's assessed value and the local tax rate. For instance, the median home price in Milligan is $59,955. Property tax bills range from $325 at the 25th percentile to $1,753 at the 75th percentile, with the 90th percentile reaching up to $4,077. These figures illustrate the disparity in tax burdens among homeowners, influenced by property values and assessment practices. Compared to the national median property tax rate of 0.99%, Milligan's tax rates can be seen as relatively moderate. Understanding these factors helps homeowners anticipate their tax liabilities and plan their finances accordingly.
Average Milligan Tax Bill
$784
Average Fillmore County Tax Bill
$1,380
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Milligan, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68406 | $118 | $325 | $784 | $1,753 | $4,077 |
Source: Ownwell