Shelby, Nebraska Property Taxes
The median property tax rate in Shelby, Nebraska is 1.44%, considerably higher than the national median of 0.99% but lower than Nebraska's state median of 1.75%. With the median home value in Shelby at $118,330, the typical annual property tax bill reaches $1,576, which is below the national median of $2,690. Property taxes in Shelby 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 Shelby'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 Shelby 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
Shelby, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.44%
Estimate Property Tax Bill
$1,704
$1,581
Ownwell’s Shelby Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Shelby with just two simple data points. By inputting your property's estimated assessed value, the calculator utilizes the median tax rate in Shelby to provide an accurate estimate of your property tax bill. This valuable tool helps you gauge potential tax liabilities, giving you a clearer financial picture. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, is crucial for property tax calculations and considers applicable exemptions.
Property Tax Rates Across Shelby, Nebraska
Property taxes in Shelby, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shelby is 1.44%, which is higher than the U.S. national median of 0.99%. Local government entities within Shelby set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shelby 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 Shelby's effective property tax rate to other areas in Nebraska and the national median. For comparison, the zip code 68662 has both the highest and lowest median property tax rate in the area, which is also 1.44%. Understanding how these areas compare with Shelby provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Shelby Tax Rate
1.44%
Average Polk County Tax Rate
1.34%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shelby, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68662 | 1.03% | 1.05% | 1.44% | 1.44% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Shelby, Nebraska
In Shelby, 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 Polk 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 Shelby, 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 Shelby helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 68662 has the highest and lowest median tax bill at $1,576. This contrasts with the national median property tax rate of 0.99%, highlighting the importance of understanding local tax dynamics.
Average Shelby Assessed Value
$118,330
Average Polk County Assessed Value
$118,165
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Shelby, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68662 | $45,134 | $73,700 | $118,330 | $202,146 | $479,960 |
Source: Ownwell
Property Tax Bills Across Shelby, Nebraska
Property tax bills in Shelby, located in Polk County, NE, are determined by a combination of the property's assessed value and the local tax rate. The assessed value is a percentage of the property's market value, which is calculated based on recent sales of similar properties in the area. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Shelby, the median home price is $118,330. Given the national median property tax rate of 0.99%, Shelby's property tax rate is relatively favorable. Homeowners at the 25th percentile can expect to pay around $972 annually, while those at the 75th percentile face a tax bill of approximately $2,541. At the 90th percentile, the tax bill can rise to $5,377. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life. Homeowners should be aware of these factors as they significantly influence overall housing costs and financial planning.
Average Shelby Tax Bill
$1,576
Average Polk County Tax Bill
$1,628
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Shelby, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68662 | $533 | $972 | $1,576 | $2,541 | $5,377 |
Source: Ownwell