Kearney, Nebraska Property Taxes
The median property tax rate in Kearney, NE is 1.48%, which is higher than the national median of 0.99% but lower than Nebraska's state median of 1.75%. With a median home value of $285,027 in Kearney, the typical annual property tax bill amounts to $4,205, significantly surpassing the national median of $2,690. Property taxes in Kearney are determined based on the tax assessed value, which is generally lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Gaining a comprehensive understanding of Kearney's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Kearney 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
Kearney, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.48%
Estimate Property Tax Bill
$4,218
Ownwell’s Kearney Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Kearney with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kearney to provide an estimate of 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 Kearney, Nebraska
Property taxes in Kearney, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kearney is 1.48%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Kearney set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kearney 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 Kearney's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68845 zip code has the highest median property tax rate of 1.48%, while the same zip code also has the lowest median tax rate of 1.48%. Understanding how these cities compare with Kearney 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 Kearney Tax Rate
1.48%
Average Phelps County Tax Rate
1.69%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kearney, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68845 | 1.41% | 1.47% | 1.48% | 1.48% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Kearney, Nebraska
In Kearney, 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 local 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 Kearney, 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 Kearney helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 68845 has the highest median tax bill at $4,205, while the lowest median tax bill is also found in the same zip code at $4,205.
Average Kearney Assessed Value
$285,027
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 Kearney, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68845 | $157,284 | $237,735 | $285,027 | $362,280 | $1,626,681 |
Source: Ownwell
Property Tax Bills Across Kearney, Nebraska
In Kearney, located in Phelps County, NE, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is typically a percentage of the property's market value, determined by the county assessor. Factors such as property size, location, and improvements can influence this assessed value. For homeowners in Kearney, the median home price is $285,027, and the property tax rate is a significant consideration. Homeowners in Kearney can expect their tax bills to vary widely. The 25th percentile tax bill is $3,432, while those at the 75th percentile pay around $5,344. At the higher end, the 90th percentile tax bill reaches a substantial $22,023. The highest median tax bill in the area is $4,205, found in the 68845 zip code. Compared to the national median property tax rate of 0.99%, Kearney's property tax rates can significantly impact homeowners, influencing their overall housing costs and financial planning.
Average Kearney Tax Bill
$4,205
Average Phelps County Tax Bill
$1,908
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Kearney, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68845 | $2,322 | $3,432 | $4,205 | $5,344 | $22,023 |
Source: Ownwell