Funk, Phelps County, Nebraska Property Taxes
Median FUNK, NE effective property tax rate: 1.33%, significantly higher than the national median of 1.02%, but lower than the Nebraska state median of 1.75%.
Median FUNK, NE home value: $186,060
Median annual FUNK, NE tax bill: $2,508, $108 higher than the national median property tax bill of $2,400.
How are property taxes in Phelps County calculated?
Property taxes in FUNK, 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 FUNK’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in FUNK, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Funk, Phelps County, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.94%
Estimate Property Tax Bill
$1,832
$1,700
Property Tax Rates Across Funk, Phelps County, Nebraska
Local government entities determine tax rates, leading to significant variation within a state. Each county estimates the budget needed to provide essential services and divides this by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. Although setting tax rates and budgets involves votes and laws, this is the core of the annual process.
In FUNK, located in Phelps County, Nebraska, the effective property tax rate is 1.33%. This rate is notably higher than the national median property tax rate of 1.02%. When compared to other cities within Nebraska, FUNK's tax rate is among the highest, with the same rate of 1.33% also being the lowest within the county. This indicates a uniformity in property tax rates across Phelps County.
Understanding these rates is crucial for property owners, as they directly impact the annual property tax bills. With the national median property tax bill standing at $2,400, property owners in FUNK may find their tax obligations significantly influenced by the local rate. This comparison highlights the importance of being informed about local property tax rates and their implications on personal finances.
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 Funk Tax Rate
0.94%
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 Phelps County Tax Rate
1.16%
Median Effective Nebraska Tax Rate
1.39%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Funk, Phelps County, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68940 | 0.74% | 0.76% | 0.94% | 0.96% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Funk, Phelps County, Nebraska
When examining property taxes in FUNK, 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 Phelps 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 Phelps 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 FUNK.
For example, the median home price in FUNK is $186,060, with tax bills ranging significantly across the county. ZIP code 68940 has the highest median home price at $186,060.
Property Tax Assessment Values Across Funk, Phelps County, Nebraska
Source: Ownwell
$38,035
$264,088
$490,141
Median Funk Market Value
$194,860
Median Phelps County Market Value
$148,720
Median Nebraska Market Value
$199,100
Median United States Market Value
$235,294
Property Tax Assessment Values Across Funk, Phelps County, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68940 | $21,995 | $79,812 | $194,860 | $359,584 | $945,691 |
Source: Ownwell
Property Tax Bills Across Funk, Phelps County, Nebraska
In Funk, located in Phelps County, Nebraska, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Funk is $186,060, with property taxes playing a significant role in annual homeowner expenses. Property tax bills in Funk can vary considerably, from the 25th percentile at $1,058 to the 90th percentile at $9,255. These figures reflect the differences in property values and local tax rates. Compared to the national median property tax rate of 1.02%, Funk's rates can lead to higher or lower tax bills depending on individual property assessments.
Homeowners in Funk can face financial challenges due to these tax obligations. This is where Ownwell comes in, offering expert property tax appeal and exemption services to help reduce these burdens. By analyzing property assessments and identifying potential savings, Ownwell assists homeowners in negotiating lower tax bills, ensuring they pay only their fair share. This service can provide significant financial relief, particularly for those with tax bills at the higher end of the spectrum.
Median Funk Tax Bill
$1,666
Median Phelps County Tax Bill
$1,620
Median Nebraska Tax Bill
$2,896
Median United States Tax Bill
$2,400
Property Tax Bills Across Funk, Phelps County, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68940 | $211 | $717 | $1,666 | $2,956 | $7,348 |
Source: Ownwell