Riverton, Nebraska Property Taxes
The median property tax rate in Riverton, NE is 1.90%, considerably higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in Riverton at $19,000, the typical annual property tax bill reaches $362, which is significantly lower than the national median of $2,690. Property taxes in Riverton are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Riverton'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 Riverton 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
Riverton, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.9%
Estimate Property Tax Bill
$361
$335
Ownwell’s Riverton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Riverton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Riverton 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 Riverton, Nebraska
Property taxes in Riverton, Nebraska, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Riverton is 1.90%, significantly higher than the U.S. national median of 0.99%. Local government entities within Riverton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Riverton 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 Riverton's effective property tax rate to other counties in Nebraska and the national median. For comparison, the zip code 68972 has the highest median property tax rate of 1.90%, while the same zip code also has the lowest median tax rate of 1.90%. Understanding how these cities compare with Riverton provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Riverton Tax Rate
1.90%
Average Franklin County Tax Rate
1.73%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Riverton, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68972 | 1.39% | 1.41% | 1.90% | 1.91% | 1.91% |
Source: Ownwell
Property Tax Assessment Values Across Riverton, Nebraska
In Riverton, 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 Franklin 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 Riverton, 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 Riverton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Riverton is $362, and the lowest is also $362, both found in the 68972 zip code.
Average Riverton Assessed Value
$19,000
Average Franklin County Assessed Value
$50,605
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Riverton, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68972 | $1,164 | $6,195 | $19,000 | $212,775 | $450,307 |
Source: Ownwell
Property Tax Bills Across Riverton, Nebraska
In Riverton, located in Franklin County, NE, property tax bills are determined by assessing the property's value and applying the local tax rate. The assessed value is a percentage of the market value, which is then multiplied by the local tax rate to calculate the annual tax bill. For instance, with a median home price of $19,000, the tax bills vary significantly. Homeowners in the 25th percentile pay around $116, while those in the 75th percentile face bills up to $3,033. At the 90th percentile, the tax bill can reach $6,514, reflecting the disparity based on property values and local tax rates. These tax bills impact homeowners by influencing their annual financial planning and the overall affordability of owning property in Riverton. Compared to the national median property tax rate of 0.99%, Riverton's rates can vary, underscoring the importance of understanding local tax obligations. Homeowners need to stay informed about their assessed property values and any changes in local tax rates to manage their expenses effectively.
Average Riverton Tax Bill
$362
Average Franklin County Tax Bill
$872
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Riverton, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68972 | $23 | $116 | $362 | $3,033 | $6,514 |
Source: Ownwell