Norfolk, Nebraska Property Taxes
The median property tax rate in Norfolk, NE is 1.37%, considerably higher than both the national median of 0.99% and Nebraska's state median of 1.75%. With the median home value in Norfolk at $226,810, the typical annual property tax bill reaches $3,103, exceeding the national median of $2,690. Property taxes in Norfolk 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 Norfolk'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 Norfolk 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
Norfolk, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$3,107
Ownwell’s Norfolk Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Norfolk. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Norfolk to provide an accurate estimate of your tax bill. This valuable insight helps you understand potential tax liabilities and plan your finances accordingly. For those interested in more detailed information, localized trends at the neighborhood level are available further down the page. Your property’s assessed value is determined by the county for tax purposes, including any applicable exemptions.
Property Tax Rates Across Norfolk, Nebraska
Property taxes in Norfolk, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Norfolk is 1.37%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Norfolk set these rates annually, and they can vary significantly across different neighborhoods. Each year, Norfolk 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 Norfolk's effective property tax rate to other areas in Nebraska and the national median. For comparison, the zip code 68701 has the highest median property tax rate of 1.37%, while it also has the lowest median tax rate of 1.37%. Understanding how these cities compare with Norfolk provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Norfolk Tax Rate
1.37%
Average Wayne County Tax Rate
1.74%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Norfolk, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68701 | 1.20% | 1.25% | 1.37% | 1.37% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Norfolk, Nebraska
In Norfolk, 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 Wayne 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 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 Norfolk helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Norfolk, the median home price is $226,810, with the highest median tax bill in zip code 68701 at $3,103.
Average Norfolk Assessed Value
$226,810
Average Wayne County Assessed Value
$145,345
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Norfolk, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68701 | $154,838 | $170,502 | $226,810 | $385,309 | $424,278 |
Source: Ownwell
Property Tax Bills Across Norfolk, Nebraska
Property tax bills in Norfolk, located in Wayne County, Nebraska, are calculated based on the assessed value of a property, which is often a percentage of its market value. The median home price in Norfolk is $226,810. To determine the tax bill, the assessed value is multiplied by the local tax rate. For example, if the local tax rate aligns with the national median rate of 0.99%, homeowners would pay approximately $2,245 annually. However, actual tax bills can vary significantly. In Norfolk, the 25th percentile tax bill is $2,129, while the 75th percentile tax bill rises to $5,272. The 90th percentile tax bill can reach as high as $5,805. These variations are influenced by factors such as property location, improvements, and exemptions. Homeowners in the zip code 68701 experience a median tax bill of $3,103, which is the highest and lowest in the area. High property taxes can impact homeowners by increasing the cost of homeownership, affecting affordability and financial planning.
Average Norfolk Tax Bill
$3,103
Average Wayne County Tax Bill
$2,361
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Norfolk, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68701 | $1,866 | $2,129 | $3,103 | $5,272 | $5,805 |
Source: Ownwell