Oconto, Nebraska Property Taxes
The median property tax rate in Oconto, Nebraska is 1.37%, which is significantly higher than the national median of 0.99% but lower than the Nebraska state median of 1.75%. With a median home value of $73,733 in Oconto, the typical annual property tax bill amounts to $1,173, which is below the national median of $2,690. Property taxes in Oconto are calculated based on the tax assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. Gaining a thorough understanding of Oconto'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 Oconto or another part of the city, a deep knowledge of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oconto, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$1,010
Ownwell’s Oconto Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oconto with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oconto 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 Oconto, Nebraska
Property taxes in Oconto, Nebraska, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oconto is 1.37%, significantly higher than both the Nebraska state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Oconto set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oconto 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 Oconto's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68860 zip code has the highest median property tax rate of 1.37%, while the same 68860 zip code also has the lowest median tax rate of 1.37%. Understanding how these cities compare with Oconto provides valuable insights into the varying tax landscape across Custer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oconto Tax Rate
1.37%
Average Custer County Tax Rate
1.38%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oconto, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68860 | 1.06% | 1.07% | 1.37% | 1.43% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across Oconto, Nebraska
In Oconto, 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 Custer 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 Oconto, 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 Oconto helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $73,733, with the highest median tax bill in zip code 68860 being $1,173 and the lowest also in zip code 68860 at $1,173.
Average Oconto Assessed Value
$73,733
Average Custer County Assessed Value
$99,711
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oconto, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68860 | $7,382 | $25,968 | $73,733 | $272,467 | $564,851 |
Source: Ownwell
Property Tax Bills Across Oconto, Nebraska
In Oconto, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors considered include the property's market value, location, and any applicable exemptions or abatements. Homeowners in Oconto can expect a wide range in their property tax bills. For instance, the tax bill at the 25th percentile is $366, while it climbs to $3,227 at the 75th percentile and reaches $6,509 at the 90th percentile. These figures illustrate the variability in property tax burdens, largely influenced by the value of the property and applicable local tax rates. Compared to the national median property tax rate of 0.99%, homeowners in Oconto may find their tax bills to be quite variable. Understanding these factors can help homeowners better anticipate and manage their annual property tax expenses.
Average Oconto Tax Bill
$1,173
Average Custer County Tax Bill
$1,435
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Oconto, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68860 | $100 | $366 | $1,173 | $3,227 | $6,509 |
Source: Ownwell