Genoa, Nebraska Property Taxes
The median property tax rate in Genoa, Nebraska is 1.11%, slightly above the national median of 0.99% but lower than the Nebraska state median of 1.75%. With the median home value in Genoa at $351,888, the typical annual property tax bill reaches $3,734, surpassing the national median of $2,690. Property taxes in Genoa 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 Genoa'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 Genoa 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
Genoa, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$3,906
$3,625
Ownwell’s Genoa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Genoa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Genoa 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 Genoa, Nebraska
Property taxes in Genoa, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Genoa is 1.11%, higher than the U.S. national median of 0.99%. Local government entities within Genoa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Genoa 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 Genoa's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68640 zip code has the highest median property tax rate of 1.11%, while the same zip code also has the lowest median tax rate of 1.11%. Understanding how these areas compare with Genoa provides valuable insights into the varying tax landscape across Platte County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Genoa Tax Rate
1.11%
Average Platte County Tax Rate
1.78%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Genoa, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68640 | 0.98% | 1.10% | 1.11% | 1.12% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Genoa, Nebraska
In Genoa, 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 Platte 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 Genoa, 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. For instance, the highest median tax bill in the area is $3,734 in the 68640 zip code. 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 Genoa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Genoa Assessed Value
$351,888
Average Platte County Assessed Value
$171,615
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Genoa, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68640 | $142,862 | $188,221 | $351,888 | $902,995 | $1,284,039 |
Source: Ownwell
Property Tax Bills Across Genoa, Nebraska
In Genoa, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Genoa is $351,888, which serves as a baseline for these calculations. The assessed value, combined with the local tax rate, determines the final tax bill. For instance, homeowners in the 25th percentile can expect a tax bill around $2,109, while those in the 75th percentile might see bills as high as $9,121. At the 90th percentile, tax bills can reach up to $13,053. Several factors influence these tax bills, including property size, location, and any applicable exemptions. This system ensures that property taxes are proportional to home values, impacting homeowners differently based on their property's assessed value. Comparatively, the highest median tax bill in the area is $3,734, which is relatively moderate when contrasted with the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan accordingly.
Average Genoa Tax Bill
$3,734
Average Platte County Tax Bill
$2,760
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Genoa, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68640 | $1,426 | $2,109 | $3,734 | $9,121 | $13,053 |
Source: Ownwell