Polk, Nebraska Property Taxes
The median property tax rate in Polk, NE is 1.09%, slightly higher than the national median of 0.99% but lower than Nebraska's state median of 1.75%. With the median home value in Polk at $158,751, the typical annual property tax bill is approximately $1,730, which is below the national median of $2,690. Property taxes in Polk are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Gaining a thorough understanding of Polk'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 Polk 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
Polk, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$1,524
Ownwell’s Polk Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Polk with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Polk 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 Polk, Nebraska
Property taxes in POLK, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in POLK is 1.26%, significantly higher than both the Nebraska state median of 1.61% and the U.S. national median of 0.99%. Local government entities within POLK set these rates annually, and they can vary significantly across different neighborhoods. Each year, POLK 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 POLK's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68654 zip code has the highest median property tax rate of 1.26%, while the 68654 zip code also has the lowest median tax rate of 1.26%. Understanding how these cities compare with POLK provides valuable insights into the varying tax landscape across York County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Polk Tax Rate
0.96%
Average York County Tax Rate
1.78%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Polk, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68654 | 0.96% | 0.96% | 0.96% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Polk, Nebraska
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Polk, Nebraska. 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 local 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 Polk, 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. For instance, the median home price in Polk is $158,751, with tax bills ranging from $1,019 at the 25th percentile to $3,140 at the 90th percentile. The highest and lowest median tax bills in Polk, both at $1,521, are found in zip code 68654. 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 Polk Assessed Value
$158,751
Average York County Assessed Value
$120,076
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Polk, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68654 | $83,794 | $106,384 | $158,751 | $276,993 | $327,809 |
Source: Ownwell
Property Tax Bills Across Polk, Nebraska
In Polk, located in York County, NE, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. For instance, with a median home price of $158,751, homeowners can expect their property tax bill to vary significantly. The tax bill at the 25th percentile is $1,019, while at the 75th percentile, it climbs to $2,653. For those in the 90th percentile, the tax bill can reach up to $3,140. Homeowners in Polk face a property tax rate that impacts their annual expenses. When compared to the national median property tax rate of 0.99%, the local rates can result in varying financial obligations. The highest median tax bill in the area is $1,521, found in zip code 68654. Understanding these factors helps homeowners anticipate their annual property tax responsibilities and manage their finances accordingly.
Average Polk Tax Bill
$1,521
Average York County Tax Bill
$1,911
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Polk, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68654 | $803 | $1,019 | $1,521 | $2,653 | $3,140 |
Source: Ownwell