Loup City, Nebraska Property Taxes
The median property tax rate in Loup City, NE is 1.13%, slightly higher than the national median of 0.99% but lower than the Nebraska state median of 1.75%. With a median home value of $90,050, the typical annual property tax bill in Loup City amounts to $1,273, which is below the national median of $2,690. Property taxes here are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Loup City'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 Loup City or another part of Sherman County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Loup City, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.13%
Estimate Property Tax Bill
$1,018
Ownwell’s Loup City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Loup City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Loup City 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 Loup City, Nebraska
Property taxes in Loup City, Nebraska, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Loup City is 1.13%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Loup City set these rates annually, and they can vary across different neighborhoods. Each year, Loup City 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 Loup City's effective property tax rate to other counties in Nebraska and the national median. For comparison, the zip code 68853 has both the highest and lowest median property tax rate of 1.13%. Understanding how these cities compare with Loup City provides valuable insights into the varying tax landscape across Sherman County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Loup City Tax Rate
1.13%
Average Sherman County Tax Rate
1.30%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Loup City, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68853 | 1.11% | 1.13% | 1.13% | 1.70% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Loup City, Nebraska
In Loup City, 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 Sherman 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 Loup City, 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 Loup City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $1,273 in zip code 68853, making it essential for homeowners to stay informed and proactive.
Average Loup City Assessed Value
$90,050
Average Sherman County Assessed Value
$99,345
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Loup City, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68853 | $30,102 | $50,576 | $90,050 | $164,476 | $335,998 |
Source: Ownwell
Property Tax Bills Across Loup City, Nebraska
In Loup City, Sherman County, NE, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $90,050, homeowners can expect varying tax bills. The 25th percentile tax bill is around $688, while the 75th percentile reaches up to $2,276, and the 90th percentile can be as high as $4,205. These tax bills are influenced by several factors, including the property's location, size, and any applicable exemptions. Homeowners in Loup City should be aware that their property taxes can significantly impact their annual expenses, especially when compared to the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Loup City Tax Bill
$1,273
Average Sherman County Tax Bill
$1,395
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Loup City, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68853 | $392 | $688 | $1,273 | $2,276 | $4,205 |
Source: Ownwell