Prague, Nebraska Property Taxes
The median property tax rate in Prague, Nebraska is 1.24%, considerably higher than the national median of 0.99%, yet lower than the Nebraska state median of 1.75%. With the median home value in Prague, the typical annual property tax bill reaches $2,084, which is below the national median of $2,690. Property taxes in Prague are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Prague'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 Prague or another part of Saunders County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Prague, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.24%
Estimate Property Tax Bill
$1,744
$1,618
Ownwell’s Prague Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prague with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prague 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 Prague, Nebraska
Property taxes in Prague, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Prague is 1.24%, significantly higher than the U.S. national median of 0.99%. Local government entities within Prague set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prague 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 Prague's effective property tax rate to other counties in Nebraska and the national median. For comparison, the zip code 68050 has the highest median property tax rate of 1.24%, while the same zip code also has the lowest median tax rate of 1.24%. Understanding how these cities compare with Prague provides valuable insights into the varying tax landscape across Saunders County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Prague Tax Rate
1.24%
Average Saunders County Tax Rate
1.77%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prague, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68050 | 1.16% | 1.22% | 1.24% | 1.82% | 1.82% |
Source: Ownwell
Property Tax Assessment Values Across Prague, Nebraska
In Prague, 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 Saunders 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 Prague, 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 Prague helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the median home price in Prague is $140,626. The median tax bill ranges widely, with the 25th percentile at $1,308 and the 75th percentile reaching $3,770. The highest and lowest median tax bills are both found in zip code 68050, amounting to $2,084.
Average Prague Assessed Value
$140,626
Average Saunders County Assessed Value
$199,000
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Prague, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68050 | $47,586 | $76,250 | $140,626 | $303,222 | $454,771 |
Source: Ownwell
Property Tax Bills Across Prague, Nebraska
Property tax bills in Prague, located in Saunders County, NE, are calculated based on the assessed value of a homeowner's property. The assessed value is determined by the local assessor's office and is meant to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local property tax rate to calculate the tax bill. Factors such as property size, location, and improvements can influence the assessed value. For example, the median home price in Prague is $140,626. Homeowners in the 25th percentile can expect a tax bill around $1,308, while those in the 75th percentile might see a bill closer to $3,770. The 90th percentile tax bill can reach up to $5,359. Compared to the national median property tax rate of 0.99%, the tax rates in Prague can significantly impact homeowners, particularly those with higher-valued properties. Understanding these factors can help homeowners anticipate their annual property tax obligations.
Average Prague Tax Bill
$2,084
Average Saunders County Tax Bill
$3,382
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Prague, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68050 | $813 | $1,308 | $2,084 | $3,770 | $5,359 |
Source: Ownwell