Grafton, Nebraska Property Taxes
The median property tax rate in Grafton, NE is 1.42%, which is higher than the national median of 0.99% but lower than the Nebraska state median of 1.75%. With a median home value of $84,292, the typical annual property tax bill in Grafton reaches $1,158, falling below the national median of $2,690. Property taxes in Grafton are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Grafton’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 Grafton 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
Grafton, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.42%
Estimate Property Tax Bill
$1,197
Ownwell’s Grafton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grafton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grafton 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 Grafton, Nebraska
Property taxes in Grafton, Nebraska, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grafton is 1.42%, significantly higher than both the Nebraska state median of 1.61% and the U.S. national median of 0.99%. Local government entities within Grafton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grafton 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 Grafton's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68365 zip code has the highest median property tax rate of 1.42%, while the same zip code also has the lowest median tax rate of 1.42%. Understanding how these areas compare with Grafton provides valuable insights into the varying tax landscape across Fillmore County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grafton Tax Rate
1.42%
Average Fillmore County Tax Rate
1.63%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grafton, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68365 | 0.97% | 1.00% | 1.42% | 1.43% | 1.45% |
Source: Ownwell
Property Tax Assessment Values Across Grafton, Nebraska
In Grafton, 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 Fillmore County Appraisal District 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 Grafton, 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 Grafton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 68365, with a median tax bill of $1,158.
Average Grafton Assessed Value
$84,292
Average Fillmore County Assessed Value
$93,580
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grafton, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68365 | $17,130 | $35,230 | $84,292 | $161,339 | $505,222 |
Source: Ownwell
Property Tax Bills Across Grafton, Nebraska
In Grafton, property tax bills are calculated based on the assessed value of a property, which is determined by the Fillmore County Assessor's Office. The assessed value is a percentage of the property's market value. Local tax rates, set by various taxing authorities like school districts and municipalities, are then applied to this assessed value to determine the final tax bill. Several factors influence the assessed value, including the property's location, size, and condition. In Grafton, the median home price is $84,292, and property tax bills can vary significantly. For instance, homeowners at the 25th percentile pay around $467, while those at the 75th percentile pay approximately $1,817. At the 90th percentile, the tax bill can be as high as $5,268. These property taxes fund essential services such as public schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Grafton's tax rates can vary widely, affecting homeowners' annual expenses and overall affordability.
Average Grafton Tax Bill
$1,158
Average Fillmore County Tax Bill
$1,380
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Grafton, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68365 | $203 | $467 | $1,158 | $1,817 | $5,268 |
Source: Ownwell