Wilcox, Nebraska Property Taxes
The median property tax rate in Wilcox, NE is 1.05%, slightly higher than the national median of 0.99% but lower than the Nebraska state median of 1.75%. With a median home value in Wilcox of $279,168, the typical annual property tax bill reaches $2,946, surpassing the national median of $2,690. Property taxes in Wilcox are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Wilcox'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 Wilcox 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
Wilcox, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$2,931
Ownwell’s Wilcox Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Wilcox with just two data points. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Wilcox to provide an estimate of your property tax bill. This helpful tool allows you to understand potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Wilcox, Nebraska
Property taxes in Wilcox, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wilcox is 1.83%, significantly higher than both the Nebraska state median of 1.61% and the U.S. national median of 0.99%. Local government entities within Wilcox set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wilcox 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 Wilcox's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68982 zip code has the highest median property tax rate of 1.83%, while the same zip code also has the lowest median tax rate of 1.83%. Understanding how these cities compare with Wilcox provides valuable insights into the varying tax landscape across Phelps County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wilcox Tax Rate
1.05%
Average Phelps County Tax Rate
1.69%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wilcox, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68982 | 1.04% | 1.04% | 1.05% | 1.05% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Wilcox, Nebraska
In Wilcox, 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 Phelps 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 Wilcox, 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. The median home price in Wilcox is $279,168, with tax bills ranging from $2,131 at the 25th percentile to $10,261 at the 90th percentile. The zip code 68982 has the highest and lowest median tax bill, both at $2,946. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wilcox Assessed Value
$279,168
Average Phelps County Assessed Value
$118,096
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wilcox, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68982 | $113,570 | $188,178 | $279,168 | $443,537 | $990,112 |
Source: Ownwell
Property Tax Bills Across Wilcox, Nebraska
In Wilcox, located in Phelps County, NE, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $279,168, homeowners can expect varying tax bills. The tax bill at the 25th percentile is approximately $2,131, while those at the 75th percentile can pay around $4,656. High-value properties, like those in the 90th percentile, may see tax bills as steep as $10,261. Several factors influence the tax bill, including the home's assessed value, local tax rates, and any applicable exemptions. These taxes fund essential local services such as schools, infrastructure, and public safety, directly affecting the community's quality of life. Compared to the national median property tax rate of 0.99%, Wilcox homeowners face a unique tax landscape that can significantly impact their annual financial planning.
Average Wilcox Tax Bill
$2,946
Average Phelps County Tax Bill
$1,908
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Wilcox, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68982 | $1,325 | $2,131 | $2,946 | $4,656 | $10,261 |
Source: Ownwell