68940 Property Tax Rate

Property owners in ZIP code 68940 (Funk, Nebraska) pay a median of $2,688/year in property taxes on homes valued at $195,800. This translates to an effective tax rate of 1.37%, which is 4% above the Nebraska state average of 1.32%.

The monthly property tax burden for a median-valued home in 68940 is approximately $224, which factors into escrow payments on mortgages. This ZIP code is located within Phelps County. This is $405 more than the Nebraska average of $2,283/year.

Compared to similar ZIP codes in Nebraska, 68940 has higher property taxes. ZIP codes with similar effective rates include 68831 (1.37%) and 68015 (1.37%).

In Funk, property taxes represent approximately 2.6% of the median household income of $102,857, providing context for the relative tax burden on homeowners in this area.

Nebraska assesses property at the county level, with reassessment at sale or when improvements occur; contact the Phelps County Assessor to verify your assessed value and tax calculation. Homeowners age 65 or older and those with total disability may claim the Homestead Exemption, which reduces taxable assessed value — apply with the Phelps County Assessor's office to lower your annual property taxes. Submit your Homestead Exemption application to the Phelps County Assessor within the first year of ownership to ensure the exemption takes effect on your next tax bill.