Union, Nebraska Property Taxes
The median property tax rate in Union, NE is 1.64%, which is significantly higher than the national median of 0.99% but slightly lower than Nebraska's state median of 1.75%. With a median home value of $216,866 in Union, the typical annual property tax bill amounts to $3,541, surpassing the national median of $2,690. Property taxes in Union 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 Union's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve notable annual savings. Whether you're in the heart of Union or another part of the city, a thorough understanding of the local property tax system is crucial for financial planning and investment strategies.
Last Updated June 14, 2024
Union, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.64%
Estimate Property Tax Bill
$3,557
$3,300
Ownwell’s UNION Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in UNION with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in UNION 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 Union, Nebraska
Property taxes in Union, Nebraska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Union is 1.64%, higher than the U.S. national median of 0.99%. Local government entities within Union set these rates annually, and they can vary significantly across different neighborhoods. Each year, Union 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 Union's effective property tax rate to other areas in Nebraska and the national median. For comparison, the 68455 zip code has the highest median property tax rate of 1.64%, while the same zip code also has the lowest median tax rate of 1.64%. Understanding how these figures compare with Union 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 Union Tax Rate
1.64%
Average Otoe County Tax Rate
1.92%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Union, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68455 | 0.56% | 1.63% | 1.64% | 1.65% | 1.65% |
Source: Ownwell
Property Tax Assessment Values Across Union, Nebraska
In UNION, 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 UNION, 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 UNION helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 68455, with a median tax bill of $3,541.
Average Union Assessed Value
$216,866
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 Union, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68455 | $58,139 | $135,568 | $216,866 | $400,999 | $488,341 |
Source: Ownwell
Property Tax Bills Across Union, Nebraska
In Union, located in Otoe County, NE, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value of the property, which is determined by the county assessor. Once the assessed value is established, it is multiplied by the local property tax rate to calculate the annual tax bill. For instance, with a median home price of $216,866, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is around $1,134, while at the 75th percentile, it rises to approximately $5,180. The 90th percentile sees tax bills reaching up to $8,005. These property taxes fund essential local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Union's tax rates can significantly impact homeowners, especially those with higher-valued properties. The highest median tax bill in the area is $3,541, indicating a substantial range in property tax responsibilities.
Average Union Tax Bill
$3,541
Average Otoe County Tax Bill
$2,328
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Union, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68455 | $504 | $1,134 | $3,541 | $5,180 | $8,005 |
Source: Ownwell