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Nebraska Property Tax

Nebraska Property Tax comes under the jurisdiction of local governments in the state of Nebraska. The basis to levy taxes on real estate in Nebraska is its actual or market value, which is determined by the local assessors. For most of real property in the state, the property tax assessment is at 100% of its actual value, but for agricultural land, it is done at 75% of the actual value. The Nebraska Real Estate Tax Laws provide exemptions to properties meant for public purposes. Even privately-owned properties, which are used for educational, charitable, religious or cemetery purposes with no motive of profit behind it, can be qualified for property tax exemptions under the state laws.

Nebraska Property Taxes

Prior to the calculation of real estate taxes in Nebraska, the value all property in the state is assessed. This assessment is performed locally within the taxing jurisdiction. There are three types of property: personal, real and centrally assessed. By far, the real property has the largest share and comprise more that 90% of total tax base. The real property is further divided into three parts for convenience in assessment. These are agricultural land and improvements, commercial and industrial land, and residential land and improvements.

NE Property Tax Rate

There are different proeprty tax rate for different types of real estate properties in Nebraska. While the agricultural land comprises about 25% of Nebraska real estate , the commercial and industrial land including public service utilities make up 21% of it. The residential property provides the largest tax base with a share of about 54% of all real property.

Moreover, the agricultural land is assessed at 75% of market value while the residential, commercial and industrial property are assessed at 100% of market value. The state government assists local governments in providing homestead exemptions to qualified home owners in the state of Nebraska.

To know more about NE Property Tax and its other aspects, visit the official site of the Property Assessment Division of the Nebraska Department of Revenue.
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