Elwood, Nebraska Property Taxes
The median property tax rate in Elwood, NE is 1.17%, which is higher than the national median of 0.99% but lower than the Nebraska state median of 1.75%. With the median home value in Elwood at $132,398, the typical annual property tax bill reaches $1,668, falling below the national median of $2,690. Property taxes in Elwood 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 Elwood'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 Elwood 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
Elwood, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$1,549
Ownwell’s Elwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elwood 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 Elwood, Nebraska
Property taxes in Elwood, Nebraska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elwood is 1.17%, higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Elwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elwood 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 Elwood's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68937 zip code has the highest median property tax rate of 1.17%, while the 68937 zip code also has the lowest median tax rate of 1.17%. Understanding how these cities compare with Elwood provides valuable insights into the varying tax landscape across Gosper County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elwood Tax Rate
1.17%
Average Gosper County Tax Rate
1.11%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elwood, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68937 | 0.96% | 1.11% | 1.17% | 1.37% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Elwood, Nebraska
In Elwood, 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 Gosper 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 Elwood, 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 Elwood 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 $1,668, found in zip code 68937.
Average Elwood Assessed Value
$132,398
Average Gosper County Assessed Value
$179,048
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elwood, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68937 | $14,733 | $72,932 | $132,398 | $242,488 | $431,905 |
Source: Ownwell
Property Tax Bills Across Elwood, Nebraska
Property tax bills in Elwood, located in Gosper County, NE, are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is based on the market value of the home, which in Elwood has a median price of $132,398. The local tax rate is applied to this assessed value to calculate the tax bill. For homeowners in Elwood, property tax bills can vary significantly. At the 25th percentile, the tax bill is $822, reflecting a lower property value or exemptions that reduce the taxable amount. At the 75th percentile, the tax bill increases to $2,833, and at the 90th percentile, it reaches $5,033, indicating higher-valued properties or fewer exemptions. These property taxes fund essential services such as public schools, infrastructure, and emergency services, directly impacting the quality of life in Elwood. Homeowners need to be aware of these factors as they can significantly affect annual expenses and overall affordability of homeownership in the area.
Average Elwood Tax Bill
$1,668
Average Gosper County Tax Bill
$2,112
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Elwood, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68937 | $129 | $822 | $1,668 | $2,833 | $5,033 |
Source: Ownwell