Overton, Nebraska Property Taxes
The median property tax rate in Overton, NE is 1.21%, notably higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in Overton, the typical annual property tax bill reaches $4,831, surpassing the national median of $2,690. Property taxes in Overton 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 Overton'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 Overton 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
Overton, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$4,256
Ownwell’s Overton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Overton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Overton 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 Overton, Nebraska
Property taxes in Overton, Nebraska, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Overton is 1.61%, significantly higher than both the Nebraska state median of 1.61% and the U.S. national median of 0.99%. Local government entities within Overton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Overton 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 Overton's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68863 zip code has the highest median property tax rate of 1.61%, while the 68863 zip code also has the lowest median tax rate of 1.61%. Understanding how these cities compare with Overton provides valuable insights into the varying tax landscape across Dawson, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Overton Tax Rate
1.21%
Average Phelps County Tax Rate
1.69%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Overton, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68863 | 0.93% | 1.20% | 1.21% | 1.22% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Overton, Nebraska
In Overton, 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 Overton, 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 Overton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Homeowners in the 68863 zip code see the highest median tax bill at $4,831, while the lowest median tax bill in the same zip code is also $4,831.
Average Overton Assessed Value
$351,729
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 Overton, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68863 | $92,655 | $225,512 | $351,729 | $790,775 | $1,051,937 |
Source: Ownwell
Property Tax Bills Across Overton, Nebraska
In Overton, property tax bills are calculated based on the assessed value of a home, which is determined by the Phelps County Assessor. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $351,729, homeowners in Overton can expect varying tax bills depending on their property's assessed value and any applicable exemptions. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. For example, tax bills in the 25th percentile are around $2,305, while those in the 75th percentile can reach up to $8,831. The highest tax bills, in the 90th percentile, can be as much as $11,726. These property taxes fund essential local services such as schools, public safety, and infrastructure. Homeowners in Overton should be aware of these factors as they significantly impact their annual financial planning and the overall cost of homeownership in the region.
Average Overton Tax Bill
$4,831
Average Phelps County Tax Bill
$1,908
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Overton, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68863 | $1,120 | $2,305 | $4,831 | $8,831 | $11,726 |
Source: Ownwell