Odessa, Nebraska Property Taxes
The median property tax rate in Odessa, NE is 1.57%, which is notably higher than the national median of 0.99% but lower than Nebraska's state median of 1.75%. With a median home value of $84,305 in Odessa, the typical annual property tax bill amounts to $1,181, which is below the national median of $2,690. Property taxes in Odessa are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Odessa'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 Odessa 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
Odessa, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.57%
Estimate Property Tax Bill
$1,324
$1,228
Ownwell’s Odessa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Odessa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Odessa 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 Odessa, Nebraska
Property taxes in Odessa, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Odessa is 1.57%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Odessa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Odessa 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 Odessa's effective property tax rate to other counties in Nebraska and the national median. For comparison, the zip code 68861 has the highest median property tax rate of 1.57%, while the same zip code also has the lowest median tax rate of 1.57%. Understanding how these cities compare with Odessa provides valuable insights into the varying tax landscape across Buffalo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Odessa Tax Rate
1.57%
Average Buffalo County Tax Rate
1.75%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Odessa, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68861 | 1.57% | 1.57% | 1.57% | 1.64% | 1.64% |
Source: Ownwell
Property Tax Assessment Values Across Odessa, Nebraska
In Odessa, 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 Buffalo 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 Odessa, 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 Odessa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price is $84,305, with the 25th percentile tax bill at $614 and the 75th percentile tax bill at $1,673. The highest and lowest median tax bills are both $1,181 in zip code 68861.
Average Odessa Assessed Value
$84,305
Average Buffalo County Assessed Value
$185,962
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Odessa, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68861 | $25,599 | $46,515 | $84,305 | $105,732 | $136,148 |
Source: Ownwell
Property Tax Bills Across Odessa, Nebraska
In Odessa, Buffalo County, NE, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Odessa is $84,305. Property taxes are then applied to this assessed value using the local property tax rate. For instance, if your home falls within the 25th percentile, you might see a tax bill around $614, while homes in the 75th percentile could face tax bills up to $1,673. The highest median tax bill recorded in the area is $1,181, which is significantly lower than the national median property tax rate of 0.99%. Several factors influence the property tax bill, including the home's market value, local tax rates, and any applicable exemptions. Homeowners in Odessa need to be aware of these factors as they directly impact the amount owed annually. Understanding how property taxes are calculated can help homeowners plan their finances better and potentially appeal their assessed values if they believe they are unfairly high.
Average Odessa Tax Bill
$1,181
Average Buffalo County Tax Bill
$3,186
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Odessa, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68861 | $352 | $614 | $1,181 | $1,673 | $2,020 |
Source: Ownwell