Wood River, Nebraska Property Taxes
The median property tax rate in Wood River, NE is 1.82%, considerably higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in Wood River at $56,732, the typical annual property tax bill reaches $893, which is lower than the national median of $2,690. Property taxes in Wood River 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 Wood River'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 Wood River 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
Wood River, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.82%
Estimate Property Tax Bill
$1,033
Ownwell’s Wood River Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Wood River. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Wood River to provide an accurate estimate of your property tax bill. This valuable resource helps you understand your potential tax liabilities with ease. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Wood River, Nebraska
Property taxes in Wood River, Nebraska, play a critical role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wood River is 1.82%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Wood River set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wood River 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 Wood River's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68883 zip code has the highest median property tax rate of 1.82%, while the same zip code also has the lowest median tax rate of 1.82%. Understanding how these cities compare with Wood River provides valuable insights into the varying tax landscape across Adams County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wood River Tax Rate
1.82%
Average Adams County Tax Rate
2.25%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wood River, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68883 | 1.28% | 1.58% | 1.82% | 1.82% | 1.82% |
Source: Ownwell
Property Tax Assessment Values Across Wood River, Nebraska
In Wood River, 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 Adams 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 Wood River, 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 Wood River helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Wood River is $893 in zip code 68883, and the lowest median tax bill is also $893 in the same zip code.
Average Wood River Assessed Value
$56,732
Average Adams County Assessed Value
$124,114
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wood River, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68883 | $9,658 | $24,481 | $56,732 | $118,294 | $277,247 |
Source: Ownwell
Property Tax Bills Across Wood River, Nebraska
In Wood River, located in Adams County, NE, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the market value of your property. This assessed value is then multiplied by the local tax rate to calculate your annual property tax bill. For homeowners in Wood River, the median home price is $56,732. The property tax bill can vary significantly, with the 25th percentile bill at $325 and the 75th percentile bill reaching $2,124. At the 90th percentile, the tax bill can be as high as $4,474. These figures illustrate the range of property tax burdens faced by homeowners in the area. The highest and lowest median tax bills in the region are both $893, indicating a relatively uniform tax burden across different parts of the city. Compared to the national median property tax rate of 0.99%, Wood River's tax rates reflect the local economic conditions and property values, directly impacting homeowners' financial responsibilities.
Average Wood River Tax Bill
$893
Average Adams County Tax Bill
$2,530
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Wood River, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68883 | $141 | $325 | $893 | $2,124 | $4,474 |
Source: Ownwell