Lawrence, Nebraska Property Taxes
The median property tax rate in Lawrence, Nebraska, is 1.19%, considerably higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in Lawrence, the typical annual property tax bill reaches $3,161, exceeding the national median of $2,690. Property taxes in Lawrence 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 Lawrence'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 Lawrence 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
Lawrence, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.19%
Estimate Property Tax Bill
$3,556
$3,299
Ownwell’s Lawrence Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lawrence with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lawrence 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 Lawrence, Nebraska
Property taxes in Lawrence, Nebraska, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lawrence is 1.19%, which is higher than the U.S. national median of 0.99%. Local government entities within Lawrence set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lawrence 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. Understanding how Lawrence's effective property tax rate compares to other areas in Webster County and the national median provides valuable insights for homeowners. For comparison, the zip code 68957 has the highest median property tax rate of 1.19%, while the same zip code also has the lowest median tax rate of 1.19%. Understanding how these areas compare with Lawrence provides valuable insights into the varying tax landscape across Webster County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lawrence Tax Rate
1.19%
Average Webster County Tax Rate
1.75%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lawrence, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68957 | 1.17% | 1.18% | 1.19% | 1.19% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Lawrence, Nebraska
In Lawrence, 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 Webster 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 Lawrence, 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. The median home price in Lawrence is $298,785, with tax bills ranging from $1,901 at the 25th percentile to $7,262 at the 90th percentile. The highest and lowest median tax bill, both at $3,161, are found in zip code 68957. Being aware of these valuation processes in Lawrence helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lawrence Assessed Value
$298,785
Average Webster County Assessed Value
$71,225
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lawrence, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68957 | $124,762 | $157,675 | $298,785 | $440,680 | $596,044 |
Source: Ownwell
Property Tax Bills Across Lawrence, Nebraska
In Lawrence, property tax bills are determined by assessing the value of a homeowner's property and applying the local tax rate. The assessed value is based on the market value of the property, which in Lawrence is influenced by factors such as location, property size, and condition. The calculated tax rate is then applied to this assessed value to determine the annual tax bill. For homeowners in Lawrence, the median home price is $298,785. Tax bills can vary significantly, with the 25th percentile tax bill at $1,901 and the 75th percentile tax bill at $5,935. The 90th percentile tax bill can go as high as $7,262, reflecting the wide range of property values and tax rates within the area. The highest median tax bill in the region is $3,161, indicating that some areas have higher property values or tax rates. Understanding these factors helps homeowners anticipate their annual tax obligations, which can impact their overall financial planning and property investment decisions.
Average Lawrence Tax Bill
$3,161
Average Webster County Tax Bill
$1,254
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Lawrence, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68957 | $1,578 | $1,901 | $3,161 | $5,935 | $7,262 |
Source: Ownwell