Farnam, Lincoln County, Nebraska Property Taxes
Median Farnam, NE effective property tax rate: 1.19%, significantly higher than the national median of 1.02%, but lower than the Nebraska state median of 1.75%.
Median Farnam, NE home value: $212,742
Median annual Farnam, NE tax bill: $2,283, $117 lower than the national median property tax bill of $2,400.
How are property taxes in Lincoln County calculated?
Property taxes in Farnam, 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 Farnam’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Farnam, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Farnam, Lincoln County, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.19%
Estimate Property Tax Bill
$2,532
$2,349
Property Tax Rates Across Farnam, Lincoln County, Nebraska
Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
Farnam in Lincoln County, Nebraska, has an effective property tax rate of 1.19%. This rate is consistent across the county, aligning with the highest and lowest median tax rates in the area. Compared to other cities in Nebraska, Farnam's rate reflects the median property tax rate for the state. When contrasted with the national median property tax rate of 1.02%, Farnam's rate is slightly higher. This indicates that property owners in Farnam may pay more in property taxes compared to the national average. Understanding these differences can help property owners make informed decisions about property investments and potential tax implications.
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 Farnam Tax Rate
1.19%
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 Lincoln County Tax Rate
1.93%
Median Effective Nebraska Tax Rate
1.75%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Farnam, Lincoln County, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69029 | 1.16% | 1.17% | 1.19% | 1.19% | 1.30% |
Source: Ownwell
Property Tax Assessment Values Across Farnam, Lincoln County, Nebraska
When examining property taxes in Farnam, NE, 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 Lincoln County Appraisal District 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 Lincoln 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 Farnam.
For example, the median home price in Farnam is $212,742, with tax bills ranging significantly across the county. Zip code 69029 has the highest median home price at $212,742.
Property Tax Assessment Values Across Farnam, Lincoln County, Nebraska
Source: Ownwell
$76,140
$235,848
$395,555
Median Farnam Market Value
$212,742
Median Lincoln County Market Value
$120,701
Median Nebraska Market Value
$182,439
Median United States Market Value
$235,294
Property Tax Assessment Values Across Farnam, Lincoln County, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69029 | $93,142 | $139,376 | $212,742 | $320,602 | $467,584 |
Source: Ownwell
Property Tax Bills Across Farnam, Lincoln County, Nebraska
In Farnam, Nebraska, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the home's market value, which is influenced by factors such as location, property size, and improvements. In Lincoln County, the median property tax bill stands at $2,283, which is slightly below the national median of $2,400. Homeowners in Farnam may face tax bills ranging from $1,636 at the 25th percentile to $5,509 at the 90th percentile. These taxes contribute significantly to funding local services such as schools, infrastructure, and emergency services, impacting the community's overall quality of life.
Ownwell offers valuable assistance to homeowners by identifying potential savings through property tax appeals and exemptions. By analyzing your property's assessment and comparing it with similar properties, Ownwell can help ensure you're not overpaying. Our expertise in navigating the complexities of property tax regulations can lead to substantial savings, easing the financial burden on homeowners in Farnam.
Median Farnam Tax Bill
$2,283
Median Lincoln County Tax Bill
$2,112
Median Nebraska Tax Bill
$3,071
Median United States Tax Bill
$2,400
Property Tax Bills Across Farnam, Lincoln County, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69029 | $1,092 | $1,636 | $2,283 | $4,044 | $5,509 |
Source: Ownwell