Elmwood, Nebraska Property Taxes
The median property tax rate in Elmwood, NE is 1.81%, considerably higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in Elmwood, the typical annual property tax bill reaches $3,094, exceeding the national median of $2,690. Property taxes in Elmwood are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Elmwood's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Elmwood or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elmwood, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.81%
Estimate Property Tax Bill
$3,442
Ownwell’s Elmwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elmwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elmwood 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 Elmwood, Nebraska
Property taxes in Elmwood, Nebraska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elmwood is 1.81%, significantly higher than the U.S. national median of 0.99%. Local government entities within Elmwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elmwood 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 Elmwood's effective property tax rate to other counties in Nebraska and the national median. For comparison, the zip code 68349 has the highest median property tax rate of 1.81%, while the lowest median tax rate in the same zip code is also 1.81%. Understanding how these cities compare with Elmwood provides valuable insights into the varying tax landscape across Cass County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elmwood Tax Rate
1.81%
Average Cass County Tax Rate
1.72%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elmwood, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68349 | 1.47% | 1.48% | 1.81% | 1.81% | 1.81% |
Source: Ownwell
Property Tax Assessment Values Across Elmwood, Nebraska
In Elmwood, 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 Cass County Assessor's Office 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 Elmwood, 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. Elmwood's median home price stands at $190,171, with tax bills ranging from $1,949 at the 25th percentile to $7,208 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Elmwood Assessed Value
$190,171
Average Cass County Assessed Value
$194,901
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elmwood, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68349 | $67,524 | $122,851 | $190,171 | $315,586 | $474,556 |
Source: Ownwell
Property Tax Bills Across Elmwood, Nebraska
In Elmwood, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value, determined by the county assessor, is a percentage of the property's market value. Homeowners in Elmwood, located in Cass County, can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $1,949, while the 75th percentile reaches up to $5,051. At the 90th percentile, homeowners might see bills as high as $7,208. These tax bills are influenced by factors such as property size, location, and market trends. The median home price in Elmwood is $190,171, and with the national median property tax rate at 0.99%, local rates can lead to substantial differences in what homeowners owe. The highest and lowest median tax bills in the area both stand at $3,094, reflecting the uniformity in certain parts of the county. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Elmwood Tax Bill
$3,094
Average Cass County Tax Bill
$3,260
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Elmwood, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68349 | $887 | $1,949 | $3,094 | $5,051 | $7,208 |
Source: Ownwell