Smithfield, Nebraska Property Taxes
The median property tax rate in Smithfield, NE is 1.17%, which is considerably higher than the national median of 0.99% but lower than Nebraska's state median of 1.75%. With the median home value in Smithfield at $131,225, the typical annual property tax bill reaches $1,670, which is below the national median of $2,690. Property taxes in Smithfield are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Smithfield'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 Smithfield 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
Smithfield, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$1,535
$1,425
Ownwell’s Smithfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Smithfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smithfield 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 Smithfield, Nebraska
Property taxes in Smithfield, Nebraska, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Smithfield is 1.17%, significantly higher than the U.S. national median of 0.99%. Local government entities within Smithfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smithfield 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 Smithfield's effective property tax rate to other areas in Nebraska and the national median. For comparison, the 68976 zip code has the highest median property tax rate of 1.17%, while the same zip code also holds the lowest median tax rate of 1.17%. Understanding how these areas compare with Smithfield 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 Smithfield Tax Rate
1.17%
Average Gosper County Tax Rate
1.11%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smithfield, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68976 | 1.15% | 1.17% | 1.17% | 1.60% | 1.60% |
Source: Ownwell
Property Tax Assessment Values Across Smithfield, Nebraska
In Smithfield, 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 local appraisal district 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 Smithfield, 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. For instance, the median home price in Smithfield is $131,225. The tax bills vary significantly, with the 25th percentile tax bill at $761 and the 75th percentile tax bill at $3,961. 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 Smithfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Smithfield Assessed Value
$131,225
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 Smithfield, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68976 | $9,949 | $44,755 | $131,225 | $297,935 | $665,523 |
Source: Ownwell
Property Tax Bills Across Smithfield, Nebraska
In Smithfield, property tax bills are calculated based on the assessed value of your home, which is determined by the county assessor. The median home price in the area is $131,225. To calculate your property tax bill, the assessed value is multiplied by the local property tax rate. Factors such as property improvements, neighborhood changes, and market conditions can influence the assessed value. For Smithfield, the tax bills can vary significantly, with the 25th percentile at $761 and the 75th percentile reaching $3,961. The highest median tax bill recorded is $1,670 in the 68976 zip code. Homeowners in Smithfield should be aware that their property tax bill may be higher or lower than the national median property tax rate of 0.99%, depending on these factors. This variability can impact household budgets, making it essential for homeowners to stay informed about their property's assessed value and any changes in local tax rates. Proper understanding and management of property taxes can help homeowners plan more effectively for their financial future.
Average Smithfield Tax Bill
$1,670
Average Gosper County Tax Bill
$2,112
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Smithfield, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68976 | $184 | $761 | $1,670 | $3,961 | $7,979 |
Source: Ownwell