Norfolk, Nebraska Property Taxes
The median property tax rate in Norfolk, NE is 1.40%, which is above the national median of 0.99% but lower than Nebraska's state median of 1.75%. With a median home value of $201,270 in Norfolk, the typical annual property tax bill is $2,783, slightly above the national median of $2,690. Property taxes in Norfolk are calculated based on the tax assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural land. 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
1.4%
Estimate Property Tax Bill
$2,818
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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Norfolk is 1.40%, significantly higher than the U.S. national median of 0.99%. Local government entities within Norfolk set these rates annually, and they can vary significantly 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 68701 zip code has the highest median property tax rate of 1.40%, while the same zip code also has the lowest median tax rate of 1.40%. 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
1.40%
Average Pierce County Tax Rate
1.46%
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 | 1.21% | 1.23% | 1.40% | 1.46% | 1.46% |
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 Pierce 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 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. The median home price in Norfolk is $201,270, with tax bills varying significantly. The 25th percentile tax bill is $1,590, while the 75th percentile reaches $4,315, and the 90th percentile peaks at $6,231. The highest and lowest median tax bills are both $2,783 in the 68701 zip code.
Average Norfolk Assessed Value
$201,270
Average Pierce County Assessed Value
$145,155
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 | $63,824 | $128,525 | $201,270 | $303,220 | $486,882 |
Source: Ownwell
Property Tax Bills Across Norfolk, Nebraska
In Norfolk, located in Pierce County, NE, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value typically reflects a percentage of the market value of the property. Homeowners in Norfolk can expect their tax bill to be influenced by various factors, including the property's location, size, and any improvements made. For example, with a median home price of $201,270, the property tax bill can vary significantly. At the 25th percentile, homeowners might pay around $1,590, while those at the 75th percentile could see bills as high as $4,315. The 90th percentile reaches up to $6,231, indicating considerable variation based on property specifics. Comparatively, the median property tax rate in Norfolk is higher than the national median of 0.99%, reflecting the local government's funding needs for public services such as schools, infrastructure, and emergency services. This can significantly impact homeowners' annual budgets, making it essential to understand and plan for these expenses.
Average Norfolk Tax Bill
$2,783
Average Pierce County Tax Bill
$2,274
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 | $715 | $1,590 | $2,783 | $4,315 | $6,231 |
Source: Ownwell