Cambridge, Nebraska Property Taxes
The median property tax rate in Cambridge, Nebraska is 1.22%, considerably higher than the national median of 0.99% but lower than the Nebraska state median of 1.75%. With the median home value in Cambridge at $289,110, the typical annual property tax bill reaches $3,497, exceeding the national median of $2,690. Property taxes in Cambridge are calculated based on the assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Cambridge'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 Cambridge 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
Cambridge, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.22%
Estimate Property Tax Bill
$3,527
$3,273
Ownwell’s Cambridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cambridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cambridge 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 Cambridge, Nebraska
Property taxes in Cambridge, Nebraska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cambridge is 1.22%, significantly higher than the U.S. national median of 0.99%. Local government entities within Cambridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cambridge 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 Cambridge's effective property tax rate to other counties in Nebraska and the national median. For comparison, the zip code 69022 has the highest median property tax rate of 1.22%, while the same zip code also has the lowest median tax rate of 1.22%. Understanding how these cities compare with Cambridge provides valuable insights into the varying tax landscape across Gosper County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cambridge Tax Rate
1.22%
Average Gosper County Tax Rate
1.11%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cambridge, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69022 | 1.20% | 1.21% | 1.22% | 1.23% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Cambridge, Nebraska
In Cambridge, 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 local assessment authorities 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 Cambridge, 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 Cambridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $3,497, found in the 69022 zip code.
Average Cambridge Assessed Value
$289,110
Average Gosper County Assessed Value
$179,048
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cambridge, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69022 | $193,660 | $229,454 | $289,110 | $348,767 | $384,560 |
Source: Ownwell
Property Tax Bills Across Cambridge, Nebraska
In Cambridge, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property improvements, market conditions, and neighborhood trends can influence the assessed value. Homeowners in Cambridge experience property tax bills that can vary significantly. For example, the tax bill at the 25th percentile is $2,799, while at the 75th percentile, it rises to $4,194. The 90th percentile tax bill reaches $4,613, indicating a wide range of property tax obligations within the city. The median home price in Cambridge is $289,110, which can give homeowners an idea of what to expect in terms of their tax bill. Compared to the national median property tax rate of 0.99%, Cambridge's tax rates reflect the unique economic and market conditions of the area. Understanding these factors can help homeowners better anticipate their annual property tax expenses.
Average Cambridge Tax Bill
$3,497
Average Gosper County Tax Bill
$2,112
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Cambridge, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69022 | $2,380 | $2,799 | $3,497 | $4,194 | $4,613 |
Source: Ownwell