Greenwood, Nebraska Property Taxes
The median property tax rate in Greenwood, NE, is 1.14%, which is higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With a median home value of $361,150 in Greenwood, the typical annual property tax bill reaches $4,025, significantly exceeding the national median of $2,690. Property taxes in Greenwood are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Greenwood'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 Greenwood 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
Greenwood, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$4,117
Ownwell’s Greenwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Greenwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Greenwood 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 Greenwood, Nebraska
Property taxes in Greenwood, Nebraska, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Greenwood is 1.14%, higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Greenwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Greenwood 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 Greenwood's effective property tax rate to other counties in Nebraska and the national median. For comparison, the zip code 68366 has the highest median property tax rate of 1.14%, while the same zip code also has the lowest median tax rate of 1.14%. Understanding how these cities compare with Greenwood provides valuable insights into the varying tax landscape across Lancaster County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Greenwood Tax Rate
1.14%
Average Lancaster County Tax Rate
1.51%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Greenwood, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68366 | 1.01% | 1.05% | 1.14% | 1.23% | 1.30% |
Source: Ownwell
Property Tax Assessment Values Across Greenwood, Nebraska
In Greenwood, 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 Lancaster County Assessor 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 Greenwood, 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. Being aware of these valuation processes in Greenwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Greenwood are recorded at $4,025 in zip code 68366, providing a benchmark for local property owners.
Average Greenwood Assessed Value
$361,150
Average Lancaster County Assessed Value
$238,100
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Greenwood, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68366 | $296,640 | $332,475 | $361,150 | $398,800 | $446,300 |
Source: Ownwell
Property Tax Bills Across Greenwood, Nebraska
In Greenwood, Lancaster County, NE, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the market value, which is periodically evaluated by local assessors. Factors such as property size, location, and improvements can influence this valuation. For example, the median home price in Greenwood is $361,150, and the property tax rate in Lancaster County is 1.11%, slightly above the national median of 0.99%. Homeowners in Greenwood can expect varying tax bills based on their property's assessed value. The 25th percentile tax bill is $3,536, while the 75th percentile is $4,504, and the 90th percentile reaches up to $5,476. These taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting the community's quality of life. Understanding how these factors interplay helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Greenwood Tax Bill
$4,025
Average Lancaster County Tax Bill
$3,561
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Greenwood, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68366 | $3,209 | $3,536 | $4,025 | $4,504 | $5,476 |
Source: Ownwell