Wallace, Nebraska Property Taxes
The median property tax rate in Wallace, NE is 1.98%, considerably higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in Wallace, the typical annual property tax bill reaches $1,317, exceeding the national median of $2,690. Property taxes in Wallace 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 Wallace'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 Wallace 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
Wallace, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.98%
Estimate Property Tax Bill
$1,508
Ownwell’s Wallace Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wallace with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wallace 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 Wallace, Nebraska
Property taxes in Wallace, Nebraska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wallace is 1.98%, significantly higher than the U.S. national median of 0.99%. Local government entities within Wallace set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wallace 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 Wallace's effective property tax rate to other areas in Nebraska and the national median. For comparison, the zip code 69169 has the highest median property tax rate of 1.98%, while the lowest median tax rate is also 1.98%, indicating uniformity in this region. Understanding how these areas compare with Wallace provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wallace Tax Rate
1.98%
Average Lincoln County Tax Rate
1.93%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wallace, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69169 | 1.22% | 1.24% | 1.98% | 1.98% | 1.98% |
Source: Ownwell
Property Tax Assessment Values Across Wallace, Nebraska
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wallace, Nebraska. 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 Lincoln 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 Wallace, 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 Wallace helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 69169, standing at $1,317, which is above the national median property tax rate of 0.99%.
Average Wallace Assessed Value
$76,140
Average Lincoln County Assessed Value
$120,701
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wallace, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69169 | $15,122 | $40,548 | $76,140 | $174,034 | $429,340 |
Source: Ownwell
Property Tax Bills Across Wallace, Nebraska
In Wallace, located in Lincoln County, NE, property tax bills are calculated based on the assessed value of your home, which is determined by local assessors. The median home price in Wallace is $76,140, and the tax rate is applied to this assessed value to determine your annual property tax bill. Factors influencing your tax bill include the local tax rate and the assessed value of your property. For example, homeowners in the 25th percentile pay around $648 annually, while those in the 75th percentile see bills closer to $2,551. At the higher end, the 90th percentile can face property tax bills up to $5,180. The highest and lowest median tax bills in Wallace both stand at $1,317, showing a relatively consistent tax burden across different areas of the city. Comparing this to the national median property tax rate of 0.99%, Wallace's property tax rates can significantly impact homeowners, influencing their overall cost of living and financial planning.
Average Wallace Tax Bill
$1,317
Average Lincoln County Tax Bill
$2,112
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Wallace, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69169 | $189 | $648 | $1,317 | $2,551 | $5,180 |
Source: Ownwell