Hallam, Nebraska Property Taxes
The median property tax rate in Hallam, NE is 1.55%, which is notably higher than both the national median of 0.99% and Nebraska's state median of 1.75%. With a median home value of $266,985 in Hallam, the typical annual property tax bill amounts to $4,322, surpassing the national median of $2,690. Property taxes in Hallam are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Hallam'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 Hallam 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
Hallam, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.55%
Estimate Property Tax Bill
$4,138
$3,840
Ownwell’s Hallam Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hallam with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hallam 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 Hallam, Nebraska
Property taxes in Hallam, Nebraska, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Hallam is 1.55%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Hallam set these rates annually, and they can vary across different neighborhoods. Each year, Hallam 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 Hallam's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68368 zip code has the highest median property tax rate of 1.55%, while the lowest median tax rate in the same zip code is also 1.55%. Understanding how these areas compare with Hallam provides valuable insights into the varying tax landscape across Gage County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hallam Tax Rate
1.55%
Average Gage County Tax Rate
1.83%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hallam, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68368 | 1.28% | 1.54% | 1.55% | 1.64% | 1.64% |
Source: Ownwell
Property Tax Assessment Values Across Hallam, Nebraska
In Hallam, 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 Gage 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 Hallam, 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 Hallam helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 68368 has both the highest and lowest median tax bills, averaging $4,322 annually.
Average Hallam Assessed Value
$266,985
Average Gage County Assessed Value
$108,335
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hallam, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68368 | $154,925 | $193,925 | $266,985 | $389,880 | $465,069 |
Source: Ownwell
Property Tax Bills Across Hallam, Nebraska
In Hallam, located in Gage County, NE, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. This value is then multiplied by the local tax rate to calculate the annual property tax bill. For example, with a median home price of $266,985, homeowners can expect varying tax bills depending on their property's specific assessment. Factors such as property location, improvements, and market conditions can influence the assessed value. In Hallam, the 25th percentile tax bill is $3,176, while the 75th percentile reaches $6,386, and the 90th percentile goes up to $7,158. These figures highlight the range of property tax obligations homeowners might face. Compared to the national median property tax rate of 0.99%, Hallam's tax rates can significantly impact household budgets, making it crucial for homeowners to understand their property assessments and potential tax liabilities.
Average Hallam Tax Bill
$4,322
Average Gage County Tax Bill
$1,782
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Hallam, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68368 | $2,107 | $3,176 | $4,322 | $6,386 | $7,158 |
Source: Ownwell