Bassett, Nebraska Property Taxes
The median property tax rate in Bassett, NE is 1.51%, considerably higher than the national median of 0.99% but lower than the Nebraska state median of 1.75%. With the median home value in Bassett at $68,870, the typical annual property tax bill reaches $941, which is significantly below the national median of $2,690. Property taxes in Bassett 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 Bassett'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 Bassett 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
Bassett, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.51%
Estimate Property Tax Bill
$1,040
$965
Ownwell’s Bassett Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bassett with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bassett 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 Bassett, Nebraska
Property taxes in Bassett, Nebraska, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Bassett is 1.51%, significantly higher than the U.S. national median of 0.99%. Local government entities within Bassett set these rates annually, and they can vary across different neighborhoods. Each year, Bassett 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 Bassett's effective property tax rate to other counties in Nebraska and the national median. For comparison, the highest and lowest median property tax rates in Rock County are both 1.51%, located in the zip code 68714. Understanding how these cities compare with Bassett provides valuable insights into the varying tax landscape across Rock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bassett Tax Rate
1.51%
Average Rock County Tax Rate
1.05%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bassett, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68714 | 1.01% | 1.03% | 1.51% | 1.51% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across Bassett, Nebraska
In Bassett, 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 Rock 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 Bassett, 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 Bassett helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Bassett's median home price is $68,870, with the 25th percentile tax bill at $318 and the 75th percentile at $1,787. The highest and lowest median tax bills in the area are both $941, in zip code 68714.
Average Bassett Assessed Value
$68,870
Average Rock County Assessed Value
$71,868
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bassett, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68714 | $5,100 | $23,565 | $68,870 | $148,935 | $343,967 |
Source: Ownwell
Property Tax Bills Across Bassett, Nebraska
In Bassett, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Bassett is $68,870. Property tax rates in Bassett are influenced by various factors, including local government budgets and the needs of public services such as schools and infrastructure. Homeowners in Bassett can expect a wide range of tax bills depending on their property's assessed value and specific circumstances. For instance, the 25th percentile tax bill is $318, while the 75th percentile tax bill is $1,787, and the 90th percentile reaches $3,563. These figures illustrate the variability in property tax burdens across different households. Compared to the national median property tax rate of 0.99%, Bassett's tax rates can significantly impact homeowners, especially those with higher-valued properties. Understanding these factors can help homeowners anticipate their financial obligations and plan accordingly.
Average Bassett Tax Bill
$941
Average Rock County Tax Bill
$970
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Bassett, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68714 | $77 | $318 | $941 | $1,787 | $3,563 |
Source: Ownwell