Genoa, Nebraska Property Taxes
The median property tax rate in Genoa, NE is 1.11%, slightly higher than the national median of 0.99% but lower than the Nebraska state median of 1.75%. With a median home value of $190,585 in Genoa, the typical annual property tax bill reaches $2,112, which is below the national median of $2,690. Property taxes in Genoa are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. By understanding Genoa's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether you reside in the heart of Genoa or another part of Merrick County, gaining insight into the local property tax system can provide substantial financial benefits.
Last Updated June 14, 2024
Genoa, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,115
$1,963
Ownwell’s Genoa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Genoa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Genoa 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 Genoa, Nebraska
Property taxes in Genoa, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Genoa is 1.11%, higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Genoa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Genoa 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 Genoa's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68640 zip code has the highest median property tax rate of 1.11%, while the same zip code also has the lowest median tax rate of 1.11%. Understanding how these cities compare with Genoa provides valuable insights into the varying tax landscape across Merrick County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Genoa Tax Rate
1.11%
Average Merrick County Tax Rate
1.28%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Genoa, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68640 | 0.99% | 1.11% | 1.11% | 1.11% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Genoa, Nebraska
In Genoa, 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 Merrick 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 Genoa, 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 Genoa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Genoa are both $2,112, found in zip code 68640.
Average Genoa Assessed Value
$190,585
Average Merrick County Assessed Value
$135,822
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Genoa, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68640 | $115,036 | $142,205 | $190,585 | $400,592 | $598,741 |
Source: Ownwell
Property Tax Bills Across Genoa, Nebraska
In Genoa, located in Merrick County, NE, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Genoa is $190,585. To determine the tax bill, the assessed value is multiplied by the local property tax rate. Factors such as property improvements, neighborhood developments, and changes in the real estate market can influence the assessed value. Homeowners in Genoa experience varying tax bills, with the 25th percentile paying around $1,369 and the 75th percentile facing bills as high as $4,437. The 90th percentile can see tax bills up to $6,621. These variations significantly impact homeowners' financial planning, as higher property taxes can lead to increased monthly mortgage payments and overall housing costs. Understanding how these factors interplay is crucial for homeowners aiming to manage their expenses effectively and anticipate future tax obligations.
Average Genoa Tax Bill
$2,112
Average Merrick County Tax Bill
$1,907
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Genoa, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68640 | $576 | $1,369 | $2,112 | $4,437 | $6,621 |
Source: Ownwell