Norfolk, Nebraska Property Taxes
The median property tax rate in Norfolk, NE is 1.88%, considerably higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in Norfolk at $165,445, the typical annual property tax bill reaches $3,088, exceeding the national median of $2,690. Property taxes in Norfolk 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 Norfolk'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 Norfolk 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
Norfolk, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.88%
Estimate Property Tax Bill
$3,110
Ownwell’s Norfolk Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Norfolk with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Norfolk 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 Norfolk, Nebraska
Property taxes in Norfolk, Nebraska, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Norfolk is 1.88%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Norfolk set these rates annually, and they can vary across different neighborhoods. Each year, Norfolk 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 Norfolk's effective property tax rate to other counties in Nebraska and the national median. For comparison, the zip code 68701 has both the highest and lowest median property tax rate of 1.88%. Understanding how these cities compare with Norfolk provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Norfolk Tax Rate
1.88%
Average Madison County Tax Rate
1.88%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Norfolk, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68701 | 1.56% | 1.88% | 1.88% | 1.88% | 1.88% |
Source: Ownwell
Property Tax Assessment Values Across Norfolk, Nebraska
In Norfolk, 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 Madison 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 Norfolk, 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 Norfolk helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Norfolk, the highest median tax bill is $3,088 in zip code 68701, while the lowest is also $3,088 in the same zip code.
Average Norfolk Assessed Value
$165,445
Average Madison County Assessed Value
$158,492
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Norfolk, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68701 | $60,120 | $112,550 | $165,677 | $228,660 | $323,805 |
Source: Ownwell
Property Tax Bills Across Norfolk, Nebraska
In Norfolk, located in Madison County, NE, property tax bills are determined by assessing the market value of a home and applying the local tax rate. Homeowners in Norfolk face a median property tax rate of 0.99%, aligning with the national median. The tax bill is influenced by the assessed value of the property, which in Norfolk averages around $165,445. Property taxes can vary significantly, with the 25th percentile tax bill at $2,119 and the 75th percentile reaching $4,195. The highest tax bills, at the 90th percentile, can go up to $5,888. Several factors contribute to the final tax bill, including property size, location, and any applicable exemptions or deductions. For homeowners, these taxes fund essential local services such as schools, infrastructure, and emergency services. Understanding how these factors interplay can help homeowners anticipate their annual tax obligations and manage their finances more effectively.
Average Norfolk Tax Bill
$3,088
Average Madison County Tax Bill
$2,934
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Norfolk, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68701 | $1,182 | $2,119 | $3,088 | $4,194 | $5,888 |
Source: Ownwell