Mason City, Nebraska Property Taxes
The median property tax rate in Mason City, NE is 1.50%, which is higher than the national median of 0.99% but lower than Nebraska's state median of 1.75%. With the median home value in Mason City, the typical annual property tax bill reaches $740, significantly below the national median of $2,690. Property taxes in Mason City are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Mason City's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Mason City or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mason City, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.5%
Estimate Property Tax Bill
$739
Ownwell’s Mason City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mason City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mason City to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Mason City, Nebraska
Property taxes in Mason City, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mason City is 1.50%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Mason City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mason City estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Mason City's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68855 zip code has both the highest and lowest median property tax rate of 1.50%. Understanding how these areas compare with Mason City provides valuable insights into the varying tax landscape across Buffalo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mason City Tax Rate
1.50%
Average Buffalo County Tax Rate
1.75%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mason City, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68855 | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Mason City, Nebraska
In Mason City, Nebraska, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Buffalo County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Mason City, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Mason City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $740, found in the zip code 68855.
Property Tax Assessment Values Across Mason City, Nebraska
Source: Ownwell
$33,665
$1,109,833
$2,186,000
Average Mason City Assessed Value
$49,270
Average Buffalo County Assessed Value
$185,962
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mason City, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68855 | $49,270 | $49,270 | $49,270 | $49,270 | $49,270 |
Source: Ownwell
Property Tax Bills Across Mason City, Nebraska
In Mason City, Buffalo County, NE, property tax bills are calculated based on the assessed value of your home. The median home price here is $49,270, and the median property tax bill is $740, which is significantly higher than the national median property tax rate of 0.99%. This higher rate can be attributed to local tax levies and the assessed value of properties in the area. Factors that influence your tax bill include the market value of your home, local tax rates, and any applicable exemptions. Homeowners in Mason City may find that their tax bills are relatively uniform, with the 25th, 75th, and 90th percentile tax bills all standing at $740. This suggests a consistent application of tax rates across different property values. For homeowners, understanding how these factors interplay is crucial as it directly impacts annual expenses. A higher property tax bill can affect overall affordability and long-term financial planning, making it essential to stay informed and explore potential exemptions or appeals if necessary.
Average Mason City Tax Bill
$740
Average Buffalo County Tax Bill
$3,186
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Mason City, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68855 | $740 | $740 | $740 | $740 | $740 |
Source: Ownwell