Tecumseh, Nebraska Property Taxes
The median property tax rate in Tecumseh, NE is 2.06%, significantly higher than both the national median of 0.99% and Nebraska's state median of 1.75%. With the median home value in Tecumseh at $71,880, the typical annual property tax bill reaches $1,400, which is below the national median of $2,690. Property taxes in Tecumseh are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Tecumseh'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 Tecumseh or another part of Johnson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tecumseh, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.06%
Estimate Property Tax Bill
$1,481
-$15,518
Ownwell’s Tecumseh Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tecumseh with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tecumseh 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 Tecumseh, Nebraska
Property taxes in Tecumseh, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tecumseh is 2.06%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Tecumseh set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tecumseh 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 Tecumseh's effective property tax rate to other areas in Nebraska and the national median. For comparison, the zip code 68450 has both the highest and lowest median property tax rate of 2.06%. Understanding how these cities compare with Tecumseh 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 Tecumseh Tax Rate
2.06%
Average Johnson County Tax Rate
1.77%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tecumseh, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68450 | 1.40% | 1.43% | 2.06% | 2.06% | 2.06% |
Source: Ownwell
Property Tax Assessment Values Across Tecumseh, Nebraska
In Tecumseh, 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 Tecumseh, 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. The median home price in Tecumseh is $71,880, with property tax bills ranging significantly. For instance, the 25th percentile tax bill is $682, while the 75th percentile tax bill is $2,698. 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 Tecumseh helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tecumseh Assessed Value
$71,880
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 Tecumseh, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68450 | $12,025 | $33,116 | $71,880 | $156,388 | $387,163 |
Source: Ownwell
Property Tax Bills Across Tecumseh, Nebraska
In Tecumseh, located in Johnson County, NE, property tax bills are calculated based on the assessed value of a home and the applicable tax rate. The median home price in Tecumseh is $71,880. Homeowners can expect their tax bills to vary significantly depending on the assessed value and specific tax rates applied. For example, the 25th percentile tax bill is $682, while the 75th percentile tax bill jumps to $2,698, and the 90th percentile tax bill can reach as high as $5,727. These tax bills are determined by multiplying the assessed property value by the local tax rate. For comparison, the national median property tax rate is 0.99%. Factors such as property improvements, neighborhood developments, and changes in local tax rates can influence the assessed value and, consequently, the tax bill. Homeowners in Tecumseh should be aware of these factors as they can significantly impact their annual property tax obligations.
Average Tecumseh Tax Bill
$1,400
Average Johnson County Tax Bill
$1,604
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Tecumseh, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68450 | $308 | $682 | $1,400 | $2,698 | $5,727 |
Source: Ownwell