Ericson, Nebraska Property Taxes
The median property tax rate in Ericson, Nebraska is 0.92%, which is notably lower than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in Ericson, the typical annual property tax bill amounts to $686, significantly below the national median of $2,690. Property taxes in Ericson are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Ericson's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Ericson 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
Ericson, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$675
$626
Ownwell’s Ericson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ericson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ericson 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 Ericson, Nebraska
Property taxes in Ericson, Nebraska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ericson is 0.92%, which is lower than the U.S. national median of 0.99%. Local government entities within Ericson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ericson 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 Ericson's effective property tax rate to other counties in Nebraska and the national median. For comparison, the zip code 68637 has the highest median property tax rate of 0.92%, while the same zip code also has the lowest median tax rate of 0.92%. Understanding how these cities compare with Ericson provides valuable insights into the varying tax landscape across Wheeler County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ericson Tax Rate
0.92%
Average Wheeler County Tax Rate
0.92%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ericson, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68637 | 0.90% | 0.91% | 0.92% | 1.12% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Ericson, Nebraska
In Ericson, 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 Wheeler 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 Ericson, 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 Ericson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Ericson are both $686, found in the zip code 68637.
Average Ericson Assessed Value
$73,325
Average Wheeler County Assessed Value
$83,545
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ericson, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68637 | $14,440 | $28,709 | $73,325 | $162,412 | $563,625 |
Source: Ownwell
Property Tax Bills Across Ericson, Nebraska
In Ericson, located in Wheeler County, NE, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. Homeowners in Ericson experience a range of property tax bills, with the 25th percentile at $258 and the 75th percentile reaching $1,643. At the higher end, the 90th percentile tax bill can be as much as $5,049. The property tax rate in Ericson is influenced by various factors, including local government budgets, school district funding, and public services. These elements collectively determine the tax rate applied to the assessed value. Compared to the national median property tax rate of 0.99%, Ericson's rates can vary significantly, impacting homeowners differently based on their property's assessed value. Homeowners in the zip code 68637, for instance, face a median tax bill of $686, reflecting the local economic conditions and municipal requirements.
Average Ericson Tax Bill
$686
Average Wheeler County Tax Bill
$831
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Ericson, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68637 | $123 | $258 | $686 | $1,643 | $5,049 |
Source: Ownwell