Otoe, Nebraska Property Taxes
The median property tax rate in Otoe, NE is 2.51%, considerably higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in Otoe at $48,410, the typical annual property tax bill reaches $1,120, exceeding the national median of $2,690. Property taxes in Otoe 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 Otoe'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 Otoe 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
Otoe, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.51%
Estimate Property Tax Bill
$1,215
Ownwell’s Otoe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Otoe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Otoe 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 Otoe, Nebraska
Property taxes in Otoe, Nebraska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Otoe is 2.51%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Otoe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Otoe 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 Otoe's effective property tax rate to other counties in Nebraska and the national median. For comparison, the zip code 68417 has the highest median property tax rate of 2.51%, while the same zip code also has the lowest median tax rate of 2.51%. Understanding how these areas compare with Otoe provides valuable insights into the varying tax landscape across Otoe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Otoe Tax Rate
2.51%
Average Otoe County Tax Rate
1.92%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Otoe, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68417 | 1.42% | 1.44% | 2.51% | 2.51% | 2.51% |
| 68454 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Otoe, Nebraska
In Otoe, 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 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 Otoe, 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 Otoe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Otoe are both found in the 68417 zip code, with a value of $1,120.
Average Otoe Assessed Value
$48,410
Average Otoe County Assessed Value
$121,530
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Otoe, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68417 | $7,512 | $21,585 | $49,600 | $190,638 | $338,801 |
| 68454 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Otoe, Nebraska
In Otoe, Nebraska, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, the median home price in Otoe is $48,410. Homeowners can expect a variety of tax bills depending on their property's assessed value and the specific tax rate applied. The 25th percentile of tax bills is around $480, while the 75th percentile reaches up to $2,893. At the higher end, the 90th percentile tax bill can be as much as $4,752. These tax bills can significantly impact homeowners, influencing their overall cost of living and financial planning. Compared to the national median property tax rate of 0.99%, Otoe's property tax rates can vary widely, reflecting the diverse range of property values and local tax policies. This variability underscores the importance of understanding how local tax assessments and rates will affect individual tax obligations.
Average Otoe Tax Bill
$1,120
Average Otoe County Tax Bill
$2,328
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Otoe, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68417 | $102 | $480 | $1,120 | $2,893 | $4,752 |
| 68454 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell