Benedict, Nebraska Property Taxes
The median property tax rate in Benedict, NE is 1.07%, slightly higher than the national median of 0.99% but lower than the Nebraska state median of 1.75%. With a median home value of $301,756 in Benedict, the typical annual property tax bill comes to $3,222, surpassing the national median of $2,690. Property taxes in Benedict are calculated based on the tax assessed value, which is generally lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Benedict'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 Benedict 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
Benedict, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$3,229
Ownwell’s Benedict Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Benedict with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Benedict 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 Benedict, Nebraska
Property taxes in Benedict, Nebraska, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Benedict is 1.07%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Benedict set these rates annually, and they can vary across different neighborhoods. Each year, Benedict 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 Benedict's effective property tax rate to other areas in Nebraska and the national median. For comparison, the zip code 68316 has the highest median property tax rate of 1.07%, which is the same as the lowest median tax rate within the same zip code. Understanding how these cities compare with Benedict provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Benedict Tax Rate
1.07%
Average Polk County Tax Rate
1.34%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Benedict, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68316 | 1.05% | 1.06% | 1.07% | 1.07% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Benedict, Nebraska
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Benedict, Nebraska. 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 Polk 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 Benedict, 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 Benedict helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in Benedict is $3,222 in the 68316 zip code, which is significantly higher than the national median property tax rate of 0.99%. By understanding these details, homeowners can take proactive steps to manage their property taxes effectively.
Average Benedict Assessed Value
$301,756
Average Polk County Assessed Value
$118,165
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Benedict, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68316 | $95,444 | $216,453 | $301,756 | $528,437 | $1,061,528 |
Source: Ownwell
Property Tax Bills Across Benedict, Nebraska
In Benedict, located in Polk County, NE, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Benedict is $301,756. To determine the tax bill, the assessed value is multiplied by the local tax rate. In this region, tax bills can vary significantly. For instance, the 25th percentile tax bill is $2,314, while the 75th percentile tax bill reaches $5,607. Homeowners in the 90th percentile can expect to pay as much as $11,176. Factors considered in determining the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. These property tax bills impact homeowners by influencing their annual housing costs, potentially affecting their budget and financial planning. Compared to the national median property tax rate of 0.99%, Benedict's property tax rates highlight the importance of understanding local tax obligations to manage overall homeownership expenses effectively.
Average Benedict Tax Bill
$3,222
Average Polk County Tax Bill
$1,628
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Benedict, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68316 | $1,020 | $2,314 | $3,222 | $5,607 | $11,176 |
Source: Ownwell