Elk Creek, Nebraska Property Taxes
The median property tax rate in Elk Creek, Nebraska is 1.42%, considerably higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in Elk Creek, the typical annual property tax bill reaches $1,536, exceeding the national median of $2,690. Property taxes in Elk Creek 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 Elk Creek'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 Elk Creek 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
Elk Creek, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.42%
Estimate Property Tax Bill
$1,624
-$17,019
Ownwell’s Elk Creek Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Elk Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elk Creek to provide an estimated property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in trends on a neighborhood level, more localized information is available below. Your property’s assessed value is determined by Johnson County for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Elk Creek, Nebraska
Property taxes in Elk Creek, Nebraska, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elk Creek is 1.42%, significantly higher than both the Nebraska state median of 1.61% and the U.S. national median of 0.99%. Local government entities within Elk Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elk Creek 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 Elk Creek's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68348 zip code has the highest median property tax rate of 1.42%, while the same zip code also has the lowest median tax rate of 1.42%. Understanding how these areas compare with Elk Creek provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elk Creek Tax Rate
1.42%
Average Johnson County Tax Rate
1.77%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elk Creek, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68348 | 1.07% | 1.39% | 1.42% | 1.84% | 1.84% |
Source: Ownwell
Property Tax Assessment Values Across Elk Creek, Nebraska
In Elk Creek, 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 Johnson 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 Elk Creek, 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 Elk Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,536 in zip code 68348, while the lowest median tax bill is also $1,536 in the same zip code.
Average Elk Creek Assessed Value
$114,361
Average Johnson County Assessed Value
$88,760
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elk Creek, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68348 | $5,209 | $15,605 | $114,361 | $304,045 | $474,544 |
Source: Ownwell
Property Tax Bills Across Elk Creek, Nebraska
In Elk Creek, Johnson County, NE, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Elk Creek is $114,361. The tax rate is applied to this assessed value to determine the annual property tax bill. Homeowners in the 25th percentile can expect a tax bill of around $233, while those in the 75th percentile might see a bill of approximately $4,131. At the 90th percentile, tax bills can reach up to $6,475. These figures are influenced by various factors such as property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Elk Creek’s tax rates can vary significantly, impacting homeowners differently based on their specific property assessments. Understanding these factors helps homeowners anticipate their tax obligations and manage their financial planning accordingly.
Average Elk Creek Tax Bill
$1,536
Average Johnson County Tax Bill
$1,604
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Elk Creek, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68348 | $92 | $233 | $1,536 | $4,131 | $6,475 |
Source: Ownwell