Waco, Nebraska Property Taxes
The median property tax rate in Waco, Nebraska is 0.95%, slightly below the national median of 0.99% and significantly lower than the Nebraska state median of 1.75%. With the median home value in Waco at $454,517, the typical annual property tax bill amounts to $4,278, surpassing the national median of $2,690. Property taxes in Waco are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Waco's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Waco 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
Waco, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$4,318
Ownwell’s Waco Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waco with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waco 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 Waco, Nebraska
Property taxes in Waco, Nebraska, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Waco is 1.55%, higher than both the Nebraska state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Waco set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waco 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 Waco's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68460 zip code has the highest median property tax rate of 1.55%, while the 68460 zip code also has the lowest median tax rate of 1.55%. Understanding how these cities compare with Waco provides valuable insights into the varying tax landscape across Seward County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waco Tax Rate
0.95%
Average Seward County Tax Rate
1.59%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waco, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68460 | 0.94% | 0.94% | 0.95% | 0.95% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Waco, Nebraska
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Waco, Nebraska. The market value represents 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 Seward 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 Waco, 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. For instance, the median home price in Waco is $454,517, with tax bills ranging from $1,500 at the 25th percentile to $5,576 at the 90th percentile. The highest and lowest median tax bills, both $4,278, are found in zip code 68460. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Waco Assessed Value
$454,517
Average Seward County Assessed Value
$185,126
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waco, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68460 | $82,569 | $157,445 | $454,517 | $476,362 | $591,762 |
Source: Ownwell
Property Tax Bills Across Waco, Nebraska
In Waco, property tax bills are determined based on the assessed value of a home, which is generally a percentage of its market value. The local tax rate is then applied to this assessed value to calculate the annual tax bill. Various factors influence the final tax bill, including property size, location, and any applicable exemptions or abatements that homeowners may qualify for. For example, the median home price in Waco is $454,517. Homeowners in the 25th percentile can expect a tax bill around $1,500, while those in the 75th percentile might see bills as high as $4,539. The 90th percentile tax bill can reach up to $5,576, demonstrating a significant range based on property values and assessments. Compared to the national median property tax rate of 0.99%, Waco's tax rates reflect a similar burden on homeowners. These taxes are crucial for funding local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life.
Average Waco Tax Bill
$4,278
Average Seward County Tax Bill
$2,810
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Waco, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68460 | $787 | $1,500 | $4,278 | $4,539 | $5,576 |
Source: Ownwell