Walton, Nebraska Property Taxes
The median property tax rate in Walton, NE is 1.60%, considerably higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in Walton at $492,700, the typical annual property tax bill reaches $7,877, significantly exceeding the national median of $2,690. Property taxes in Walton 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 Walton'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 Walton 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
Walton, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.6%
Estimate Property Tax Bill
$7,883
Ownwell's Walton Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Walton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Walton to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities and make informed financial decisions. For those interested in more granular insights, you can explore trends at the neighborhood level by scrolling down for localized information. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Walton, Nebraska
Property taxes in Walton, Nebraska, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Walton is 1.60%, significantly higher than both the Nebraska state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Walton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walton 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 Walton's effective property tax rate to other counties in Nebraska and the national median. For comparison, the zip code 68461 has the highest median property tax rate of 1.60%, while the same zip code also has the lowest median tax rate of 1.60%. Understanding how these cities compare with Walton 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 Walton Tax Rate
1.60%
Average Otoe County Tax Rate
1.92%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Walton, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68461 | 1.60% | 1.60% | 1.60% | 1.60% | 1.60% |
Source: Ownwell
Property Tax Assessment Values Across Walton, Nebraska
In Walton, 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 Otoe 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 Walton, 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 Walton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 68461, with a median bill of $7,877.
Average Walton Assessed Value
$492,700
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 Walton, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68461 | $288,356 | $402,440 | $492,700 | $507,912 | $558,773 |
Source: Ownwell
Property Tax Bills Across Walton, Nebraska
In Walton, Nebraska, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and is typically a percentage of the home's market value. Homeowners in Walton face a median property tax rate of 0.99%, which aligns with the national average. For instance, with a median home price of $492,700, the tax bill can vary significantly. At the 25th percentile, homeowners might pay around $6,434, while those at the 75th percentile could see bills as high as $8,120. The 90th percentile reaches up to $8,933. Factors such as property size, location, and any applicable exemptions or deductions also influence the final tax bill. High property taxes can impact homeowners by increasing the overall cost of homeownership, potentially affecting affordability and financial planning. Conversely, these taxes fund essential public services like schools, infrastructure, and emergency services, contributing to the community's overall quality of life.
Average Walton Tax Bill
$7,877
Average Otoe County Tax Bill
$2,328
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Walton, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68461 | $4,610 | $6,434 | $7,877 | $8,120 | $8,933 |
Source: Ownwell