Elm Creek, Nebraska Property Taxes
The median property tax rate in Elm Creek, NE is 1.31%, notably higher than the national median of 0.99% but lower than the Nebraska state median of 1.75%. With the median home value in Elm Creek at $345,947, the typical annual property tax bill reaches $4,541, surpassing the national median of $2,690. Property taxes in Elm Creek are calculated based on the tax assessed value, which is typically lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Elm Creek'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 Elm Creek 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
Elm Creek, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$4,532
$4,205
Ownwell’s Elm Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elm Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elm Creek 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 Elm Creek, Nebraska
Property taxes in Elm Creek, Nebraska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elm Creek is 1.31%, higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Elm Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elm Creek 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 Elm Creek's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68836 zip code has the highest median property tax rate of 1.31%, while the 68836 zip code also has the lowest median tax rate of 1.31%. Understanding how these cities compare with Elm Creek provides valuable insights into the varying tax landscape across Phelps County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elm Creek Tax Rate
1.31%
Average Phelps County Tax Rate
1.69%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elm Creek, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68836 | 1.19% | 1.28% | 1.31% | 1.41% | 1.41% |
Source: Ownwell
Property Tax Assessment Values Across Elm Creek, Nebraska
In Elm Creek, 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 Phelps 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 Elm Creek, 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 Elm Creek 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 in Elm Creek is 68836, with a median tax bill of $4541.
Average Elm Creek Assessed Value
$345,947
Average Phelps County Assessed Value
$118,096
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elm Creek, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68836 | $135,560 | $186,399 | $345,947 | $630,084 | $976,486 |
Source: Ownwell
Property Tax Bills Across Elm Creek, Nebraska
In Elm Creek, located in Phelps County, NE, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, which in turn affects the tax bill. The median home price in Elm Creek is $345,947. Homeowners in the 25th percentile can expect a tax bill around $2,331, while those in the 75th percentile might see a bill closer to $8,172. For the top 10% of homeowners, tax bills can reach up to $12,809. These figures show a significant range, highlighting how individual property characteristics and local tax rates impact the final amount owed. Comparatively, the national median property tax rate is 0.99%, suggesting that Elm Creek's rates may vary. Understanding these factors can help homeowners anticipate their financial responsibilities and plan accordingly.
Average Elm Creek Tax Bill
$4,541
Average Phelps County Tax Bill
$1,908
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Elm Creek, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68836 | $1,668 | $2,331 | $4,541 | $8,172 | $12,809 |
Source: Ownwell