Palmer, Nebraska Property Taxes
The median property tax rate in Palmer, NE is 1.94%, considerably higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in Palmer at $133,542, the typical annual property tax bill reaches $2,199, which is still below the national median of $2,690. Property taxes in Palmer 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 Palmer'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 Palmer or another part of Merrick County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Palmer, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.94%
Estimate Property Tax Bill
$2,591
$2,404
Ownwell’s Palmer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Palmer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Palmer 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 Palmer, Nebraska
Property taxes in Palmer, Nebraska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palmer is 1.94%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Palmer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palmer 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 Palmer's effective property tax rate to other counties in Nebraska and the national median. For comparison, the zip code 68864 has the highest median property tax rate of 1.94%, while the same zip code also has the lowest median tax rate of 1.94%. Understanding how these cities compare with Palmer 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 Palmer Tax Rate
1.94%
Average Merrick County Tax Rate
1.28%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Palmer, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68864 | 1.25% | 1.26% | 1.94% | 1.94% | 1.94% |
Source: Ownwell
Property Tax Assessment Values Across Palmer, Nebraska
In Palmer, 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 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 Palmer, 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. The zip code with the highest median tax bill in Palmer is 68864, amounting to $2,199. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Palmer Assessed Value
$133,542
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 Palmer, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68864 | $35,804 | $60,604 | $133,542 | $261,102 | $659,558 |
Source: Ownwell
Property Tax Bills Across Palmer, Nebraska
In Palmer, Merrick County, NE, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Palmer stands at $133,542. Property taxes are then derived by applying the local tax rate to this assessed value. Factors such as property size, location, and any improvements made can influence the assessed value and, consequently, the tax bill. Homeowners in Palmer can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is around $1,050, while at the 75th percentile, it jumps to $3,681. At the 90th percentile, the tax bill can reach as high as $8,312. Comparatively, Palmer's property tax rate is notably higher than the national median of 0.99%, impacting homeowners' financial planning. Understanding these factors is crucial for homeowners to anticipate their property tax obligations and manage their finances effectively.
Average Palmer Tax Bill
$2,199
Average Merrick County Tax Bill
$1,907
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Palmer, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68864 | $506 | $1,050 | $2,199 | $3,681 | $8,312 |
Source: Ownwell