Palmer, Nebraska Property Taxes
The median property tax rate in Palmer, NE is 1.20%, which is higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With a median home value in Palmer of $362,084, the typical annual property tax bill reaches $4,579, significantly exceeding the national median of $2,690. Property taxes in Palmer are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Palmer'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 Palmer 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
Palmer, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$4,345
Ownwell’s Palmer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Palmer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Palmer 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 Palmer, Nebraska
Property taxes in Palmer, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palmer is 1.69%, significantly higher than both the Nebraska state median of 1.61% and the U.S. national median of 0.99%. Local government entities within Palmer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palmer 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 Palmer's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68864 zip code has the highest median property tax rate of 1.69%, while the same zip code also has the lowest median tax rate of 1.69%. Understanding how these cities compare with Palmer provides valuable insights into the varying tax landscape across Howard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Palmer Tax Rate
1.20%
Average Howard County Tax Rate
1.32%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Palmer, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68864 | 1.18% | 1.19% | 1.20% | 1.29% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Palmer, Nebraska
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Palmer, Nebraska. 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 Palmer, 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 Palmer is $362,084, with tax bills ranging from $2,496 at the 25th percentile to $10,133 at the 90th percentile. The highest and lowest median tax bills in Palmer are both $4,579, found in the zip code 68864. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. This awareness helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Palmer Assessed Value
$362,084
Average Howard County Assessed Value
$166,027
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Palmer, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68864 | $150,344 | $220,370 | $362,084 | $578,041 | $817,171 |
Source: Ownwell
Property Tax Bills Across Palmer, Nebraska
In Palmer, located in Howard County, NE, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is determined by the county assessor and reflects the property's market value. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. In Palmer, property tax rates can vary, but the national median property tax rate is 0.99%. Several factors influence the property tax bill, including the property's location, size, and improvements. For instance, the median home price in Palmer is $362,084, which can result in a range of tax bills. Homeowners in the 25th percentile might pay around $2,496, while those in the 75th percentile could see bills as high as $7,531. At the 90th percentile, tax bills can reach up to $10,133. High property tax bills can significantly impact homeowners, affecting their monthly budgets and overall financial planning. Understanding how these taxes are calculated helps homeowners anticipate their expenses and plan accordingly.
Average Palmer Tax Bill
$4,579
Average Howard County Tax Bill
$2,390
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Palmer, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68864 | $1,098 | $2,496 | $4,579 | $7,531 | $10,133 |
Source: Ownwell