Wood River, Nebraska Property Taxes
The median property tax rate in Wood River, Nebraska is 1.55%, which is notably higher than the national median of 0.99% but lower than the Nebraska state median of 1.75%. With the median home value in Wood River at $163,024, the typical annual property tax bill amounts to $2,865, surpassing the national median of $2,690. Property taxes in Wood River are determined 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 Wood River'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 Wood River or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wood River, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.55%
Estimate Property Tax Bill
$2,527
Ownwell’s Wood River Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wood River with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wood River 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 Wood River, Nebraska
Property taxes in Wood River, Nebraska, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Wood River is 1.55%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Wood River set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wood River 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 Wood River's effective property tax rate to other counties in Nebraska and the national median. For comparison, the zip code 68883 has both the highest and lowest median property tax rate of 1.55%. Understanding how these cities compare with Wood River provides valuable insights into the varying tax landscape across Hall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wood River Tax Rate
1.55%
Average Hall County Tax Rate
1.65%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wood River, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68883 | 1.20% | 1.46% | 1.55% | 2.11% | 2.13% |
Source: Ownwell
Property Tax Assessment Values Across Wood River, Nebraska
In Wood River, 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 Hall 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 Wood River, 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 Wood River is $163,024, with tax bills varying significantly; the 25th percentile tax bill is $1,751, while the 75th percentile tax bill is $4,554. 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 Wood River helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wood River Assessed Value
$163,024
Average Hall County Assessed Value
$168,820
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wood River, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68883 | $62,351 | $100,144 | $163,024 | $279,727 | $584,402 |
Source: Ownwell
Property Tax Bills Across Wood River, Nebraska
In Wood River, located in Hall 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 Wood River stands at $163,024. To determine the tax bill, local authorities multiply the assessed home value by the property tax rate, which can vary by region. Several factors influence this calculation, including property size, location, and market conditions. For instance, homeowners in the 25th percentile of tax bills pay around $1,751, while those in the 75th percentile pay approximately $4,554. The top 10% of tax bills can reach up to $8,369. These property taxes fund essential public services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Wood River’s rates can be higher, affecting homeowners' annual expenses significantly. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Wood River Tax Bill
$2,865
Average Hall County Tax Bill
$2,705
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Wood River, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68883 | $970 | $1,751 | $2,865 | $4,554 | $8,369 |
Source: Ownwell