Crete, Nebraska Property Taxes
The median property tax rate in Crete, NE is 1.24%, which is notably higher than the national median of 0.99% but lower than Nebraska's state median of 1.75%. With a median home value in Crete of $438,700, the typical annual property tax bill amounts to $5,398, surpassing the national median of $2,690. Property taxes in Crete are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like those for primary residences and agricultural properties. Navigating Crete's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Crete 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
Crete, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.24%
Estimate Property Tax Bill
$5,440
$5,048
Ownwell’s Crete Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Crete with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Crete 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 Crete, Nebraska
Property taxes in Crete, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Crete is 1.24%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Crete set these rates annually, and they can vary significantly across different neighborhoods. Each year, Crete 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 Crete's effective property tax rate to other areas in Nebraska and the national median. For comparison, the zip code 68333 has both the highest and lowest median property tax rate of 1.24%. Understanding how these areas compare with Crete provides valuable insights into the varying tax landscape across Lancaster County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Crete Tax Rate
1.24%
Average Lancaster County Tax Rate
1.51%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Crete, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68333 | 1.08% | 1.18% | 1.24% | 1.31% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Crete, Nebraska
In Crete, 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 Lancaster 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 Crete, 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 Crete helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Crete is 68333, with a median tax bill of $5,398.
Average Crete Assessed Value
$438,700
Average Lancaster County Assessed Value
$238,100
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Crete, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68333 | $153,420 | $310,200 | $438,700 | $534,500 | $652,080 |
Source: Ownwell
Property Tax Bills Across Crete, Nebraska
In Crete, property tax bills are calculated based on the assessed value of a home, which reflects its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $438,700 in Lancaster County, homeowners can expect varying tax bills depending on specific property assessments and applicable exemptions. Several factors influence the tax bill, including property size, location, and any improvements made. In Crete, the tax bill at the 25th percentile is around $3,726, while at the 75th percentile, it rises to approximately $6,532. For those at the 90th percentile, the tax bill can reach up to $7,950. These figures highlight the range of property tax burdens homeowners might face, influenced by the assessed value of their homes and the local tax rate. Comparing these values to the national median property tax rate of 0.99%, Crete's property taxes can significantly impact homeowners' annual financial planning, making it crucial to understand how these bills are determined.
Average Crete Tax Bill
$5,398
Average Lancaster County Tax Bill
$3,561
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Crete, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68333 | $1,431 | $3,726 | $5,398 | $6,532 | $7,950 |
Source: Ownwell