Tecumseh, Nebraska Property Taxes
The median property tax rate in Tecumseh, NE is 1.92%, significantly higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in Tecumseh at $19,140, the typical annual property tax bill reaches $368, which is substantially lower than the national median of $2,690. Property taxes in Tecumseh 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 Tecumseh'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 Tecumseh 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
Tecumseh, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.92%
Estimate Property Tax Bill
$367
$341
Ownwell’s Tecumseh Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tecumseh with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tecumseh 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 Tecumseh, Nebraska
Property taxes in Tecumseh, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tecumseh is 1.92%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Tecumseh set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tecumseh 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 Tecumseh's effective property tax rate to other counties in Nebraska and the national median. For comparison, the zip code 68450 has the highest median property tax rate of 1.92%, while the same zip code also has the lowest median tax rate of 1.92%. Understanding how these areas compare with Tecumseh provides valuable insights into the varying tax landscape across Otoe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tecumseh Tax Rate
1.92%
Average Otoe County Tax Rate
1.92%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tecumseh, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68450 | 1.92% | 1.92% | 1.92% | 1.92% | 1.92% |
Source: Ownwell
Property Tax Assessment Values Across Tecumseh, Nebraska
In Tecumseh, 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 Otoe 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 Tecumseh, 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 Tecumseh helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $368, found in the 68450 zip code.
Average Tecumseh Assessed Value
$19,140
Average Otoe County Assessed Value
$121,530
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tecumseh, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68450 | $19,140 | $19,140 | $19,140 | $19,140 | $19,140 |
Source: Ownwell
Property Tax Bills Across Tecumseh, Nebraska
In Tecumseh, located in Otoe County, NE, property tax bills are calculated based on the assessed value of a home. The median home price in Tecumseh is $19,140, and tax bills are determined by applying the local tax rate to this assessed value. The tax bill at the 25th, 75th, and 90th percentiles is consistently $368, indicating a uniform rate across different property values within the city. This uniformity simplifies the calculation process for homeowners, making it easier to predict annual tax expenses. Factors considered in determining the tax bill include the assessed property value and the applicable tax rate set by local authorities. Compared to the national median property tax rate of 0.99%, Tecumseh's rate results in relatively modest tax bills, which can be a financial relief for homeowners. This affordability in property taxes can positively impact homeownership rates and the overall cost of living in the area, making Tecumseh an attractive place for residents looking for economic stability.
Average Tecumseh Tax Bill
$368
Average Otoe County Tax Bill
$2,328
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Tecumseh, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68450 | $368 | $368 | $368 | $368 | $368 |
Source: Ownwell