Cedar Rapids, Nebraska Property Taxes
The median property tax rate in Cedar Rapids, NE is 0.84%, which is notably lower than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in Cedar Rapids, the typical annual property tax bill reaches $6,255, significantly surpassing the national median of $2,690. Property taxes in Cedar Rapids 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 Cedar Rapids' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Cedar Rapids 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
Cedar Rapids, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$6,272
Ownwell’s Cedar Rapids Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Cedar Rapids with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cedar Rapids to provide an estimated property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in seeing trends on a neighborhood level, more localized information is available below. 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 Cedar Rapids, Nebraska
Property taxes in Cedar Rapids, Nebraska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cedar Rapids is 0.84%, which is lower than the U.S. national median of 0.99%. Local government entities within Cedar Rapids set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cedar Rapids 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 Cedar Rapids's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68627 zip code has the highest median property tax rate of 0.84%, while the same zip code also has the lowest median tax rate of 0.84%. Understanding how these cities compare with Cedar Rapids provides valuable insights into the varying tax landscape across Greeley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cedar Rapids Tax Rate
0.84%
Average Greeley County Tax Rate
1.34%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cedar Rapids, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68627 | 0.83% | 0.84% | 0.84% | 0.84% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Cedar Rapids, Nebraska
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cedar Rapids, 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 Greeley 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 Cedar Rapids, 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 highest median tax bill in Cedar Rapids is $6,255, found in the 68627 zip code. 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 Cedar Rapids helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cedar Rapids Assessed Value
$746,695
Average Greeley County Assessed Value
$86,605
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cedar Rapids, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68627 | $641,987 | $743,405 | $746,695 | $1,134,030 | $1,270,683 |
Source: Ownwell
Property Tax Bills Across Cedar Rapids, Nebraska
In Cedar Rapids, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. The assessed value is a percentage of the property's market value. Property tax rates, also known as mill rates, are applied to this assessed value to calculate the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition, as well as recent sales of comparable properties in the area. For homeowners in Cedar Rapids, the median home price is $746,695. Property tax bills can vary significantly, with the 25th percentile tax bill at $6,240 and the 75th percentile reaching $11,273. Those in the 90th percentile face tax bills as high as $12,606. These figures highlight how property taxes can impact homeowners differently depending on their property's assessed value and specific circumstances. Comparing these numbers to the national median property tax rate of 0.99%, Cedar Rapids homeowners may find their property tax rates to be relatively high, which can affect overall affordability and financial planning.
Average Cedar Rapids Tax Bill
$6,255
Average Greeley County Tax Bill
$1,502
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Cedar Rapids, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68627 | $5,391 | $6,240 | $6,255 | $11,273 | $12,606 |
Source: Ownwell