Wakefield, Nebraska Property Taxes
The median property tax rate in Wakefield, Nebraska is 1.76%, considerably higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in Wakefield, the typical annual property tax bill reaches $3,078, exceeding the national median of $2,690. Property taxes in Wakefield 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 Wakefield'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 Wakefield 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
Wakefield, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.76%
Estimate Property Tax Bill
$3,271
Ownwell’s Wakefield Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Wakefield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wakefield 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 Wakefield, Nebraska
Property taxes in Wakefield, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wakefield is 1.76%, significantly higher than the U.S. national median of 0.99%. Local government entities within Wakefield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wakefield 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 Wakefield's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68784 zip code has the highest median property tax rate of 1.76%, while the same zip code also has the lowest median tax rate of 1.76%. Understanding how these cities compare with Wakefield 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 Wakefield Tax Rate
1.76%
Average Wayne County Tax Rate
1.74%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wakefield, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68784 | 1.30% | 1.31% | 1.76% | 1.76% | 1.76% |
Source: Ownwell
Property Tax Assessment Values Across Wakefield, Nebraska
In Wakefield, 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. In Wakefield, 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 Wakefield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 68784 in Wakefield has both the highest and lowest median tax bills, valued at $3,078.
Average Wakefield Assessed Value
$185,868
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 Wakefield, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68784 | $90,217 | $139,299 | $185,868 | $312,102 | $783,947 |
Source: Ownwell
Property Tax Bills Across Wakefield, Nebraska
In Wakefield, Wayne County, NE, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Wakefield is $185,868. Homeowners can expect their tax bills to vary significantly, with the 25th percentile tax bill at $2,138 and the 75th percentile tax bill reaching $4,738. For the top 10% of homeowners, tax bills can soar to as high as $10,424. These tax bills are determined by multiplying the assessed value of the property by the local tax rate. Factors such as property improvements, neighborhood developments, and changes in local government budgets can influence the assessed value and, consequently, the tax bill. Homeowners in Wakefield experience a range of property tax bills, which can impact their annual budgets and financial planning. Comparatively, the national median property tax rate is 0.99%, highlighting the variance in property tax burdens across different regions.
Average Wakefield Tax Bill
$3,078
Average Wayne County Tax Bill
$2,361
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Wakefield, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68784 | $1,297 | $2,138 | $3,078 | $4,738 | $10,424 |
Source: Ownwell