Bloomfield, Nebraska Property Taxes
The median property tax rate in Bloomfield, NE is 1.50%, which is higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With a median home value of $81,390, the typical annual property tax bill in Bloomfield reaches $1,054, exceeding the national median of $2,690. Property taxes in Bloomfield 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 Bloomfield'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 Bloomfield or another part of Knox County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bloomfield, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.5%
Estimate Property Tax Bill
$1,221
$1,133
Ownwell’s Bloomfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bloomfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bloomfield 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 Bloomfield, Nebraska
Property taxes in Bloomfield, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bloomfield is 1.50%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Bloomfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bloomfield 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 Bloomfield's effective property tax rate to other areas in Nebraska and the national median. For comparison, the zip code 68718 has the highest median property tax rate of 1.50%, while zip code 68760 has the lowest median tax rate of 0.91%. Understanding how these areas compare with Bloomfield provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bloomfield Tax Rate
1.50%
Average Knox County Tax Rate
1.28%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bloomfield, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68718 | 0.89% | 0.92% | 1.50% | 1.50% | 1.50% |
| 68760 | 0.91% | 0.91% | 0.91% | 0.91% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Bloomfield, Nebraska
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Bloomfield, 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 Knox 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 Bloomfield, 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 Bloomfield is $81,390, with tax bills ranging from $479 at the 25th percentile to $5,472 at the 90th percentile. The highest median tax bill is $4,088 in the 68760 zip code, while the lowest median tax bill is $1,053 in the 68718 zip code. 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 Bloomfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bloomfield Assessed Value
$81,390
Average Knox County Assessed Value
$96,140
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bloomfield, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68718 | $20,621 | $41,795 | $81,000 | $217,150 | $591,752 |
| 68760 | $451,205 | $451,205 | $451,205 | $451,205 | $451,205 |
Source: Ownwell
Property Tax Bills Across Bloomfield, Nebraska
In Bloomfield, Knox 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. Local tax rates are applied to this assessed value to calculate the annual property tax bill. Homeowners in Bloomfield will find that property tax bills can vary significantly. For example, the tax bill at the 25th percentile is around $479, while the 75th percentile sees a tax bill of approximately $2,350. At the 90th percentile, homeowners might face a tax bill as high as $5,472. These variations are influenced by factors such as property size, location, and market conditions. Compared to the national median property tax rate of 0.99%, Bloomfield's rates can lead to substantial differences in tax amounts, impacting homeowners' financial planning and budgeting. Understanding these factors is crucial for homeowners to anticipate and manage their property tax obligations effectively.
Average Bloomfield Tax Bill
$1,054
Average Knox County Tax Bill
$1,362
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Bloomfield, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68718 | $104 | $477 | $1,053 | $2,322 | $5,479 |
| 68760 | $4,088 | $4,088 | $4,088 | $4,088 | $4,088 |
Source: Ownwell