Spencer, Nebraska Property Taxes
The median property tax rate in Spencer, NE is 1.08%, slightly higher than the national median of 0.99% but lower than the Nebraska state median of 1.75%. With the median home value in Spencer at $85,990, the typical annual property tax bill is $983, which is below the national median of $2,690. Property taxes here are calculated based on the assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Spencer'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 Spencer or another part of Holt County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Spencer, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$929
$862
Ownwell’s Spencer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spencer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spencer 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 Spencer, Nebraska
Property taxes in Spencer, Nebraska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spencer is 1.08%, higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Spencer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spencer 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 Spencer's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68777 ZIP code has the highest median property tax rate of 1.08%, while the same ZIP code also has the lowest median tax rate of 1.08%. Understanding how these cities compare with Spencer provides valuable insights into the varying tax landscape across Holt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Spencer Tax Rate
1.08%
Average Holt County Tax Rate
1.55%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spencer, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68777 | 1.03% | 1.08% | 1.08% | 1.10% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Spencer, Nebraska
In Spencer, 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 Holt County 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 Spencer, 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 Spencer helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Spencer is $983.00 in the 68777 zip code, which is also the lowest median tax bill in the area.
Average Spencer Assessed Value
$85,990
Average Holt County Assessed Value
$91,350
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Spencer, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68777 | $8,424 | $19,988 | $85,990 | $102,682 | $113,092 |
Source: Ownwell
Property Tax Bills Across Spencer, Nebraska
In Spencer, located in Holt County, NE, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. For instance, the median home price in Spencer is $85,990. The tax rate is then applied to this assessed value to calculate the annual tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. In Spencer, the 25th percentile tax bill is around $200, while the 75th percentile reaches up to $1,108. At the 90th percentile, homeowners may see tax bills as high as $1,219. These figures illustrate the range of tax burdens homeowners might face. Comparatively, the national median property tax rate is 0.99%, making Spencer's property taxes relatively moderate. Understanding how these factors interplay helps homeowners anticipate their annual tax obligations and plan accordingly.
Average Spencer Tax Bill
$983
Average Holt County Tax Bill
$1,293
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Spencer, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68777 | $85 | $200 | $983 | $1,108 | $1,219 |
Source: Ownwell