Bassett, Nebraska Property Taxes
The median property tax rate in Bassett, NE is 0.96%, slightly below the national median of 0.99% and significantly lower than the Nebraska state median of 1.75%. With a median home value of $428,905 in Bassett, the typical annual property tax bill amounts to $4,124, which is notably higher than the national median of $2,690. Property taxes in Bassett are calculated based on the assessed value, which is generally lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Bassett's property tax system, exploring potential exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Bassett or elsewhere in Loup County, familiarizing yourself with the local property tax regulations will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bassett, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$4,117
Ownwell’s Bassett Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bassett with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bassett 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 Bassett, Nebraska
Property taxes in Bassett, Nebraska, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bassett is 1.31%, significantly higher than both the Nebraska state median of 1.62% and the U.S. national median of 0.99%. Local government entities within Bassett set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bassett 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 Bassett's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68714 zip code has the highest median property tax rate of 1.31%, while the same zip code also has the lowest median tax rate of 1.31%. Understanding how these cities compare with Bassett provides valuable insights into the varying tax landscape across Rock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bassett Tax Rate
0.96%
Average Loup County Tax Rate
0.97%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bassett, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68714 | 0.95% | 0.95% | 0.96% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Bassett, Nebraska
In Bassett, 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 Loup 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 Bassett, 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 highest median tax bill in the area is $4,124 in the 68714 zip code, which is also the lowest median 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 Bassett helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bassett Assessed Value
$428,905
Average Loup County Assessed Value
$136,618
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bassett, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68714 | $295,992 | $338,055 | $428,905 | $609,610 | $638,380 |
Source: Ownwell
Property Tax Bills Across Bassett, Nebraska
In Bassett, located in Loup 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. The local tax rate is applied to this assessed value to calculate the annual property tax bill. For instance, with a median home price of $428,905, homeowners can expect varying tax bills. The 25th percentile tax bill is approximately $3,206, while the 75th percentile reaches around $5,828. At the 90th percentile, the tax bill can be as high as $6,098. These figures illustrate the range of property tax burdens within the area, which can significantly impact homeowners' finances. Comparatively, the national median property tax rate is 0.99%, which helps put these figures in perspective. Understanding these factors is crucial for homeowners in Bassett as they plan their budgets and anticipate annual expenses.
Average Bassett Tax Bill
$4,124
Average Loup County Tax Bill
$1,474
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Bassett, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68714 | $2,825 | $3,206 | $4,124 | $5,828 | $6,098 |
Source: Ownwell