Wood Lake, Nebraska Property Taxes
The median property tax rate in Wood Lake, NE is 1.00%, slightly above the national median of 0.99% but significantly lower than the Nebraska state median of 1.75%. With a median home value of $62,257, the typical annual property tax bill in Wood Lake amounts to $634, which is considerably below the national median of $2,690. Property taxes here are calculated based on the assessed value, which often falls below the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Wood Lake'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 Wood Lake 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
Wood Lake, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$623
Ownwell’s Wood Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wood Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wood Lake 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 Wood Lake, Nebraska
Property taxes in Wood Lake, Nebraska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wood Lake is 1.00%, higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Wood Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wood Lake 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 Wood Lake's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 69221 zip code has the highest median property tax rate of 1.00%, while the 69221 zip code also has the lowest median tax rate of 1.00%. Understanding how these cities compare with Wood Lake provides valuable insights into the varying tax landscape across Cherry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wood Lake Tax Rate
1.00%
Average Cherry County Tax Rate
0.87%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wood Lake, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69221 | 0.83% | 0.86% | 1.00% | 1.03% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Wood Lake, Nebraska
In Wood Lake, 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 Cherry 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 Wood Lake, 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. For example, the median home price in Wood Lake is $62,257, with tax bills ranging from $216 at the 25th percentile to $3,502 at the 90th percentile. The zip code 69221 has the highest and lowest median tax bill of $634. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wood Lake Assessed Value
$62,257
Average Cherry County Assessed Value
$139,100
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wood Lake, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69221 | $2,963 | $21,199 | $62,257 | $272,582 | $460,123 |
Source: Ownwell
Property Tax Bills Across Wood Lake, Nebraska
Property tax bills in Wood Lake, located in Cherry County, NE, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the home. For instance, the median home price in Wood Lake stands at $62,257. The local tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. Homeowners in Wood Lake can expect varied tax bills depending on these factors. The 25th percentile tax bill is around $216, while the 75th percentile reaches $2,429. At the higher end, the 90th percentile tax bill can be as much as $3,502. These property taxes play a significant role in funding local services such as schools, infrastructure, and emergency services. For homeowners, understanding how these taxes are calculated helps in financial planning and ensuring they are not overpaying.
Average Wood Lake Tax Bill
$634
Average Cherry County Tax Bill
$1,288
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Wood Lake, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69221 | $28 | $216 | $634 | $2,429 | $3,502 |
Source: Ownwell