Loomis, Nebraska Property Taxes
The median property tax rate in Loomis, NE is 1.33%, which is higher than the national median of 0.99% but lower than the Nebraska state median of 1.75%. With a median home value of $133,142 in Loomis, the typical annual property tax bill amounts to $1,713, falling below the national median of $2,690. Property taxes in Loomis are determined based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Gaining a thorough understanding of Loomis's property tax system, exploring the available exemptions, and identifying potential opportunities for reductions can result in significant annual savings. Whether you reside in the heart of Loomis or another part of the town, being well-informed about the local property tax system can benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Loomis, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.33%
Estimate Property Tax Bill
$1,771
Ownwell’s Loomis Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Loomis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Loomis 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 Loomis, Nebraska
Property taxes in Loomis, Nebraska, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Loomis is 1.33%, significantly higher than the U.S. national median of 0.99%. Local government entities within Loomis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Loomis 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 Loomis's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68958 zip code has the highest median property tax rate of 1.33%, while the same zip code also has the lowest median tax rate of 1.33%. Understanding how these cities compare with Loomis 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 Loomis Tax Rate
1.33%
Average Phelps County Tax Rate
1.69%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Loomis, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68958 | 0.94% | 0.96% | 1.33% | 1.33% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Loomis, Nebraska
In Loomis, 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 Assessment Office 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. 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 Loomis helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 68958 has both the highest and lowest median tax bill at $1713.
Average Loomis Assessed Value
$133,142
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 Loomis, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68958 | $37,070 | $76,465 | $133,142 | $240,378 | $718,200 |
Source: Ownwell
Property Tax Bills Across Loomis, Nebraska
In Loomis, NE, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The assessed value is a percentage of the market value, which is then multiplied by the county's tax rate to calculate the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For instance, the median home price in Loomis is $133,142, leading to varied tax bills across different percentiles. Homeowners in Loomis experience a range of tax bills, with the 25th percentile at $939 and the 75th percentile at $2,858. High-value properties can see tax bills reaching up to $7,229 at the 90th percentile. Compared to the national median property tax rate of 0.99%, these figures highlight the variability and potential impact on homeowners' finances. Understanding these factors helps homeowners anticipate their tax obligations and plan their budgets accordingly, ensuring they are prepared for their annual property tax bills.
Average Loomis Tax Bill
$1,713
Average Phelps County Tax Bill
$1,908
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Loomis, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68958 | $409 | $939 | $1,713 | $2,858 | $7,229 |
Source: Ownwell