68865 Property Tax Rate

Property owners in ZIP code 68865 (Phillips, Nebraska) pay a median of $2,712/year in property taxes on homes valued at $281,900. This translates to an effective tax rate of 0.96%, which is 27% below the Nebraska state average of 1.32%.

The monthly property tax burden for a median-valued home in 68865 is approximately $226, which factors into escrow payments on mortgages. This ZIP code is located within Hamilton County. This is $429 more than the Nebraska average of $2,283/year.

Compared to similar ZIP codes in Nebraska, 68865 has higher property taxes. ZIP codes with similar effective rates include 68854 (0.96%) and 68945 (0.96%).

In Phillips, property taxes represent approximately 2.5% of the median household income of $107,083, providing context for the relative tax burden on homeowners in this area.

Nebraska reassesses all properties at market value at the time of purchase; there is no statewide cap on assessment increases for new owners. Hamilton County provides a Homestead Exemption for qualifying owner-occupied primary residences that lowers assessed value — file with the Hamilton County Assessor to secure this benefit on your first tax bill. Contact the Hamilton County Assessor within 30 days of purchase to apply for the exemption and verify your preliminary assessed valuation.