Wellfleet, Nebraska Property Taxes
The median property tax rate in Wellfleet, NE is 1.25%, considerably higher than the national median of 0.99% but lower than the Nebraska state median of 1.75%. With the median home value in Wellfleet, the typical annual property tax bill reaches $1,952, which is below the national median of $2,690. Property taxes in Wellfleet 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 Wellfleet'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 Wellfleet 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
Wellfleet, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.25%
Estimate Property Tax Bill
$2,125
Ownwell’s Wellfleet Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Wellfleet with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wellfleet 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 Wellfleet, Nebraska
Property taxes in Wellfleet, Nebraska, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wellfleet is 1.25%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Wellfleet set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wellfleet 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 Wellfleet's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 69170 zip code has the highest median property tax rate of 1.25%, while the same zip code also has the lowest median tax rate of 1.25%. Understanding how these areas compare with Wellfleet 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 Wellfleet Tax Rate
1.25%
Average Lincoln County Tax Rate
1.93%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wellfleet, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69170 | 1.21% | 1.23% | 1.25% | 1.38% | 1.41% |
Source: Ownwell
Property Tax Assessment Values Across Wellfleet, Nebraska
In Wellfleet, 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 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. Assessment notices in Wellfleet 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 Wellfleet helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 69170 has the highest median tax bill at $1,952. By comparing this with the national median property tax rate of 0.99%, homeowners can gauge their tax liabilities more effectively.
Average Wellfleet Assessed Value
$169,964
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 Wellfleet, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69170 | $26,231 | $41,743 | $169,964 | $238,212 | $418,514 |
Source: Ownwell
Property Tax Bills Across Wellfleet, Nebraska
In Wellfleet, Lincoln County, NE, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor's office, which evaluates the property's market value and then applies an assessment ratio. This ratio can vary but is typically a percentage of the market value. The property tax rate in Wellfleet is influenced by various factors, including local government budgets and voter-approved measures. For homeowners, this means that their annual tax bill is a product of their property's assessed value and the local tax rate. For example, with a median home price of $169,964, the tax bills can range significantly. At the 25th percentile, homeowners might pay around $523, while those at the 75th percentile could see bills as high as $2,916. The tax burden can be even higher, reaching up to $5,210 for properties at the 90th percentile. This variability in property tax bills affects homeowners differently, depending on their property's value and the local tax policies in place.
Average Wellfleet Tax Bill
$1,952
Average Lincoln County Tax Bill
$2,112
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Wellfleet, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69170 | $215 | $523 | $1,952 | $2,916 | $5,210 |
Source: Ownwell