Milford, Nebraska Property Taxes
The median property tax rate in Milford, NE is 1.34%, which is higher than the national median of 0.99% but lower than the Nebraska state median of 1.75%. With the median home value in Milford, the typical annual property tax bill reaches $5,696, significantly exceeding the national median of $2,690. Property taxes in Milford are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Milford'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 Milford 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
Milford, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.34%
Estimate Property Tax Bill
$6,589
Ownwell’s Milford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milford 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 Milford, Nebraska
Property taxes in Milford, Nebraska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milford is 1.34%, higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Milford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milford 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 Milford's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68405 zip code has the highest median property tax rate of 1.34%, while the same zip code also has the lowest median tax rate of 1.34%. Understanding how these cities compare with Milford provides valuable insights into the varying tax landscape across Saline County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milford Tax Rate
1.34%
Average Saline County Tax Rate
1.73%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milford, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68405 | 1.26% | 1.33% | 1.34% | 1.46% | 1.57% |
Source: Ownwell
Property Tax Assessment Values Across Milford, Nebraska
In Milford, 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 Saline 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 Milford, 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 Milford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Milford is $5,696 in the 68405 zip code, while the lowest is also $5,696 in the same zip code.
Average Milford Assessed Value
$491,695
Average Saline County Assessed Value
$121,445
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milford, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68405 | $164,957 | $213,868 | $491,695 | $497,465 | $505,503 |
Source: Ownwell
Property Tax Bills Across Milford, Nebraska
In Milford, located in Saline County, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects a percentage of the property's market value. For example, if the median home price in Milford is $491,695, the assessed value will be a fraction of this amount, depending on local assessment practices. Several factors influence the tax bill, including the property's location, size, and condition, as well as any applicable exemptions or abatements. Homeowners in Milford can expect to pay varying amounts, with the 25th percentile tax bill at $3,353 and the 75th percentile at $6,639. The highest median tax bill in the area is $5,696, found in the 68405 zip code. Compared to the national median property tax rate of 0.99%, Milford's property tax rates can significantly impact homeowners, influencing decisions about buying, selling, or renovating properties. This variability underscores the importance of understanding local tax assessments and planning accordingly.
Average Milford Tax Bill
$5,696
Average Saline County Tax Bill
$2,074
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Milford, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68405 | $2,448 | $3,353 | $5,696 | $6,639 | $6,744 |
Source: Ownwell