Octavia, Nebraska Property Taxes
The median property tax rate in Octavia, NE is 1.54%, which is higher than the national median of 0.99% but lower than the Nebraska state median of 1.75%. With the median home value in Octavia, the typical annual property tax bill is $174, significantly below the national median of $2,690. Property taxes in Octavia 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. Understanding Octavia'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 Octavia 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
Octavia, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.54%
Estimate Property Tax Bill
$174
Ownwell’s Octavia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Octavia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Octavia 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 Octavia, Nebraska
Property taxes in Octavia, Nebraska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Octavia is 1.54%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Octavia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Octavia 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 Octavia's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68632 zip code has the highest median property tax rate of 1.54%, while the 68632 zip code also has the lowest median tax rate of 1.54%. Understanding how these cities compare with Octavia provides valuable insights into the varying tax landscape across Butler County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Octavia Tax Rate
1.54%
Average Butler County Tax Rate
1.49%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Octavia, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68632 | 1.54% | 1.54% | 1.54% | 1.54% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Octavia, Nebraska
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Octavia, NE. 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 Butler 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 Octavia, 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. The median home price in Octavia is $11,280, with property tax bills ranging from $174 at the 25th percentile to $174 at the 90th percentile. Notably, the zip code 68632 has both the highest and lowest median tax bill at $174. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Octavia Assessed Value
$11,280
Average Butler County Assessed Value
$140,672
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Octavia, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68632 | $11,280 | $11,280 | $11,280 | $11,280 | $11,280 |
Source: Ownwell
Property Tax Bills Across Octavia, Nebraska
In Octavia, located in Butler County, NE, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local government officials and is intended to reflect the market value of the property. To calculate the tax bill, this assessed value is multiplied by the local tax rate. For Octavia, the median home price is $11,280, and the property tax rate aligns with the county's standards. Several factors influence the assessed value, including property size, location, and any improvements made to the property. In Octavia, the property tax bill remains consistent across various percentiles, with the 25th, 75th, and 90th percentiles all reporting a tax bill of $174. This consistency provides homeowners with a predictable financial obligation, making it easier to budget for annual property expenses. Compared to the national median property tax rate of 0.99%, Octavia's rate offers a relatively affordable option for homeowners, contributing to the area's overall appeal.
Average Octavia Tax Bill
$174
Average Butler County Tax Bill
$1,858
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Octavia, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68632 | $174 | $174 | $174 | $174 | $174 |
Source: Ownwell