Cedar Rapids, Nebraska Property Taxes
The median property tax rate in Cedar Rapids, NE is 1.25%, higher than the national median of 0.99% but lower than the Nebraska state median of 1.75%. With a median home value of $100,368 in Cedar Rapids, the typical annual property tax bill amounts to $1,116, which is below the national median of $2,690. Property taxes in Cedar Rapids are calculated based on the assessed value, which is often lower than the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Cedar Rapids' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Cedar Rapids 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
Cedar Rapids, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.25%
Estimate Property Tax Bill
$1,255
Ownwell’s Cedar Rapids Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cedar Rapids with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cedar Rapids 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 Cedar Rapids, Nebraska
Property taxes in Cedar Rapids, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cedar Rapids is 1.25%, notably higher than the U.S. national median of 0.99%. Local government entities within Cedar Rapids set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cedar Rapids 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 Cedar Rapids' effective property tax rate to other areas in Nebraska and the national median. For comparison, the zip code 68627 has both the highest and lowest median property tax rate of 1.25%. Understanding how these cities compare with Cedar Rapids provides valuable insights into the varying tax landscape across Boone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cedar Rapids Tax Rate
1.25%
Average Boone County Tax Rate
1.08%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cedar Rapids, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68627 | 0.75% | 0.76% | 1.25% | 1.25% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Cedar Rapids, Nebraska
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cedar Rapids, Boone County, 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 local 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 Cedar Rapids, 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. The median home price here is $100,368, with tax bills ranging from $464 at the 25th percentile to $6,511 at the 90th percentile. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Cedar Rapids, Nebraska
Source: Ownwell
$99,032
$575,485
$1,051,938
Average Cedar Rapids Assessed Value
$100,368
Average Boone County Assessed Value
$170,105
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cedar Rapids, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68627 | $17,066 | $39,902 | $100,368 | $270,376 | $865,755 |
Source: Ownwell
Property Tax Bills Across Cedar Rapids, Nebraska
In Cedar Rapids, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Cedar Rapids, the median home price stands at $100,368. Property taxes can vary significantly, with the 25th percentile tax bill being $464 and the 75th percentile reaching up to $2,586. The 90th percentile tax bill can be as high as $6,511, illustrating the range of property taxes in the area. Several factors influence the assessed value, including the home's location, size, age, and any improvements or renovations. These property taxes are crucial as they fund essential local services such as public schools, emergency services, and infrastructure maintenance. Compared to the national median property tax rate of 0.99%, Cedar Rapids homeowners need to be aware of how their local rates and assessed values will impact their annual tax obligations.
Average Cedar Rapids Tax Bill
$1,116
Average Boone County Tax Bill
$1,754
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Cedar Rapids, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68627 | $139 | $464 | $1,116 | $2,586 | $6,511 |
Source: Ownwell