Panama, Lancaster County, Nebraska Property Taxes
Median PANAMA, NE effective property tax rate: 1.61%, significantly higher than the national median of 1.02%, but lower than the Nebraska state median of 1.75%.
Median PANAMA, NE home value: $220,850
Median annual PANAMA, NE tax bill: $3,368, $968 higher than the national median property tax bill of $2,400.
How are property taxes in Lancaster calculated?
Property taxes in PANAMA, NE are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding PANAMA’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in PANAMA, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Panama, Lancaster County, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.61%
Estimate Property Tax Bill
$3,556
$3,300
Property Tax Rates Across Panama, Lancaster County, Nebraska
Local government entities in Nebraska set property tax rates, which can vary widely within the state. This is because each county annually estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. Although votes and laws are involved in setting tax rates and budgets, this is essentially the annual process.
In Panama, located in Lancaster County, the effective property tax rate is reflective of these local determinations. When comparing Panama's effective property tax rate to other cities in Nebraska, it aligns with the state's median tax rate of 1.61%, which is significantly higher than the national median property tax rate of 1.02%. This means that property owners in Panama are likely paying more in property taxes compared to the national average. Understanding these rates is crucial for property owners who may consider appealing their property taxes or seeking exemptions to ensure they are not overpaying.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Panama Tax Rate
1.61%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Lancaster County Tax Rate
1.51%
Median Effective Nebraska Tax Rate
1.75%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Panama, Lancaster County, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68419 | 1.20% | 1.47% | 1.61% | 1.71% | 1.83% |
Source: Ownwell
Property Tax Assessment Values Across Panama, Lancaster County, Nebraska
When examining property taxes in Panama, Nebraska, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Lancaster County Assessor estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Lancaster County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Panama.
For example, the median home price in Panama is $220,850, with tax bills ranging significantly across the county. Zip code 68419 has the highest median home price at $220,850.
Property Tax Assessment Values Across Panama, Lancaster County, Nebraska
Source: Ownwell
$160,450
$345,425
$530,400
Median Panama Market Value
$220,850
Median Lancaster County Market Value
$238,100
Median Nebraska Market Value
$182,439
Median United States Market Value
$235,294
Property Tax Assessment Values Across Panama, Lancaster County, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68419 | $123,110 | $157,850 | $220,850 | $271,975 | $340,410 |
Source: Ownwell
Property Tax Bills Across Panama, Lancaster County, Nebraska
Median Panama Tax Bill
$3,368
Median Lancaster County Tax Bill
$3,561
Median Nebraska Tax Bill
$3,071
Median United States Tax Bill
$2,400
Property Tax Bills Across Panama, Lancaster County, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68419 | $1,718 | $2,622 | $3,368 | $4,351 | $4,985 |
Source: Ownwell