Foster, Nebraska Property Taxes
The median property tax rate in Foster, NE is 1.29%, which is significantly higher than the national median of 0.99% but lower than Nebraska's state median of 1.75%. With the median home value in Foster at $37,660, the typical annual property tax bill amounts to $498, well below the national median of $2,690. Property taxes in Foster are calculated based on the tax assessed value, often lower than market value due to exemptions like primary residence and agricultural exemptions. Understanding Foster'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 Foster or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Foster, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.29%
Estimate Property Tax Bill
$486
Ownwell’s Foster Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Foster with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Foster 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 Foster, Nebraska
Property taxes in Foster, Nebraska, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Foster is 2.01%, significantly higher than both the Nebraska state median of 1.73% and the U.S. national median of 0.99%. Local government entities within Foster set these rates annually, and they can vary significantly across different neighborhoods. Each year, Foster 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 Foster's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68765 zip code has the highest median property tax rate of 2.01%, while the same zip code also has the lowest median tax rate of 2.01%. Understanding how these areas compare with Foster provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Foster Tax Rate
1.29%
Average Pierce County Tax Rate
1.46%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Foster, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68765 | 1.06% | 1.29% | 1.29% | 1.29% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Foster, Nebraska
In Foster, 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 Pierce 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 Foster, 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 Foster helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $498, found in the 68765 zip code.
Average Foster Assessed Value
$37,660
Average Pierce County Assessed Value
$145,155
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Foster, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68765 | $2,688 | $17,945 | $37,660 | $99,655 | $291,335 |
Source: Ownwell
Property Tax Bills Across Foster, Nebraska
In Foster, located in Pierce County, NE, property tax bills are calculated based on the assessed value of the property and the local tax rate. The median home price in Foster is $37,660. Property taxes are determined by multiplying the assessed value by the local tax rate, which can vary depending on the specific needs and budgets of local government entities such as schools, municipalities, and other public services. For homeowners in Foster, the property tax bill can range significantly. For instance, at the 25th percentile, the tax bill is around $292, while at the 75th percentile, it rises to approximately $1,337. At the 90th percentile, homeowners might expect to pay up to $3,131. The highest and lowest median tax bill in the area is $498, found in the zip code 68765. These taxes are crucial for funding essential services but can also represent a significant expense for homeowners, impacting their overall financial planning and homeownership costs.
Average Foster Tax Bill
$498
Average Pierce County Tax Bill
$2,274
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Foster, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68765 | $61 | $292 | $498 | $1,337 | $3,131 |
Source: Ownwell