Grand Island, Nebraska Property Taxes
The median property tax rate in Grand Island, NE is 1.67%, which is considerably higher than the national median of 0.99% but slightly below the Nebraska state median of 1.75%. With the median home value in Grand Island, the typical annual property tax bill reaches $2,713, just under the national median of $2,690. Property taxes in Grand Island are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Grand Island'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 Grand Island 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
Grand Island, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.67%
Estimate Property Tax Bill
$2,813
Ownwell’s Grand Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grand Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grand Island 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 Grand Island, Nebraska
Property taxes in Grand Island, Nebraska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grand Island is 1.67%, significantly higher than the U.S. national median of 0.99%. Local government entities within Grand Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grand Island 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 Grand Island's effective property tax rate to other areas in Hall County and the national median. For comparison, the 68801 zip code has the highest median property tax rate of 1.78%, while the 68803 zip code has the lowest median tax rate of 1.64%. Understanding how these areas compare with Grand Island provides valuable insights into the varying tax landscape across Hall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grand Island Tax Rate
1.67%
Average Hall County Tax Rate
1.65%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grand Island, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68801 | 1.24% | 1.52% | 1.78% | 1.92% | 2.01% |
| 68802 | N/A | N/A | N/A | N/A | N/A |
| 68803 | 1.17% | 1.47% | 1.64% | 1.83% | 1.95% |
Source: Ownwell
Property Tax Assessment Values Across Grand Island, Nebraska
In Grand Island, 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 Hall 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 Grand Island, 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 Grand Island helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Grand Island is $3,188 in the 68803 zip code, while the lowest median tax bill is $2,272 in the 68801 zip code.
Average Grand Island Assessed Value
$168,442
Average Hall County Assessed Value
$168,820
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grand Island, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68801 | $54,989 | $92,797 | $136,972 | $200,782 | $284,313 |
| 68802 | N/A | N/A | N/A | N/A | N/A |
| 68803 | $85,304 | $143,432 | $205,346 | $272,464 | $357,780 |
Source: Ownwell
Property Tax Bills Across Grand Island, Nebraska
In Grand Island, located in Hall County, NE, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor's office and represents a percentage of the property's market value. Various factors, such as the size of the property, location, and any improvements or additions, contribute to this assessment. Once the assessed value is established, the tax rate, which is set by local taxing authorities, is applied. For Grand Island, the property tax rates can result in varying tax bills. For instance, the 25th percentile tax bill is approximately $1,770, while the 75th percentile reaches around $3,949. At the 90th percentile, homeowners might pay up to $5,355 in property taxes. The median home price in Grand Island is $168,442, making property taxes a significant annual expense for homeowners. Compared to the national median property tax rate of 0.99%, the property tax burden in Grand Island can be relatively high, impacting household budgets and influencing decisions on property purchases and investments.
Average Grand Island Tax Bill
$2,713
Average Hall County Tax Bill
$2,705
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Grand Island, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68801 | $748 | $1,578 | $2,272 | $3,281 | $4,746 |
| 68802 | N/A | N/A | N/A | N/A | N/A |
| 68803 | $1,108 | $2,195 | $3,188 | $4,401 | $5,735 |
Source: Ownwell