Mason City, Nebraska Property Taxes
The median property tax rate in Mason City, NE is 1.35%, which is higher than both the national median of 0.99% and Nebraska's state median of 1.75%. With a median home value of $89,550 in Mason City, the typical annual property tax bill amounts to $1,167, surpassing the national median of $2,690. Property taxes in Mason City are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Mason City'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 Mason City 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
Mason City, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$1,209
Ownwell’s Mason City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mason City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mason City 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 Mason City, Nebraska
Property taxes in Mason City, Nebraska, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mason City is 1.35%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Mason City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mason City 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 Mason City's effective property tax rate to other counties in Nebraska and the national median. For comparison, the zip code 68855 has the highest median property tax rate of 1.35%, while the lowest median tax rate is also 1.35%. Understanding how these cities compare with Mason City provides valuable insights into the varying tax landscape across Custer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mason City Tax Rate
1.35%
Average Custer County Tax Rate
1.38%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mason City, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68855 | 1.16% | 1.18% | 1.35% | 1.74% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Mason City, Nebraska
In Mason City, 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 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 Mason City, 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. The median home price in Mason City is $89,550, with tax bills ranging significantly. For example, the 25th percentile tax bill is $379, while the 75th percentile tax bill reaches $3,347. The highest median tax bill in the area is $1,167, found in zip code 68855. 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 Mason City Assessed Value
$89,550
Average Custer County Assessed Value
$99,711
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mason City, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68855 | $8,914 | $23,386 | $89,550 | $271,106 | $607,909 |
Source: Ownwell
Property Tax Bills Across Mason City, Nebraska
In Mason City, Custer County, NE, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. The median home price in Mason City is $89,550, and the national median property tax rate is 0.99%. However, local rates may vary, impacting the final tax bill. Several factors influence the assessed value, including the property's market value, location, and any improvements or renovations made. Homeowners in Mason City can expect their property tax bills to fall within a broad range. For example, the 25th percentile tax bill is $379, while the 75th percentile reaches $3,347. At the higher end, the 90th percentile tax bill can be as much as $6,984. These property taxes fund essential public services such as schools, emergency services, and infrastructure, making them a crucial part of community development and maintenance.
Average Mason City Tax Bill
$1,167
Average Custer County Tax Bill
$1,435
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Mason City, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68855 | $127 | $379 | $1,167 | $3,347 | $6,984 |
Source: Ownwell