Greenwood, Nebraska Property Taxes
The median property tax rate in Greenwood, NE is 1.78%, considerably higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in Greenwood, the typical annual property tax bill reaches $2,692, slightly exceeding the national median of $2,690. Property taxes in Greenwood 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 Greenwood'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 Greenwood 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
Greenwood, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.78%
Estimate Property Tax Bill
$2,926
$2,715
Ownwell’s Greenwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Greenwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Greenwood 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 Greenwood, Nebraska
Property taxes in Greenwood, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Greenwood is 1.78%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Greenwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Greenwood 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 Greenwood's effective property tax rate to other counties in Nebraska and the national median. For comparison, the zip code 68366 has both the highest and lowest median property tax rate of 1.78%. Understanding how these cities compare with Greenwood provides valuable insights into the varying tax landscape across Cass County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Greenwood Tax Rate
1.78%
Average Cass County Tax Rate
1.72%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Greenwood, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68366 | 1.31% | 1.34% | 1.78% | 1.78% | 1.78% |
Source: Ownwell
Property Tax Assessment Values Across Greenwood, Nebraska
In Greenwood, 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 Cass 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 Greenwood, 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 Greenwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Greenwood is $164,390, with the 25th percentile tax bill at $1,475 and the 75th percentile tax bill at $3,893. The highest and lowest median tax bills are both $2,692 in zip code 68366.
Average Greenwood Assessed Value
$164,390
Average Cass County Assessed Value
$194,901
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Greenwood, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68366 | $45,678 | $93,237 | $164,390 | $253,583 | $383,543 |
Source: Ownwell
Property Tax Bills Across Greenwood, Nebraska
In Greenwood, property tax bills are calculated based on the assessed value of your home, which is determined by the Cass County Assessor's Office. This assessed value is a percentage of the market value of your property. For a median home price of $164,390, homeowners can expect their tax bills to vary significantly. Factors such as property size, location, and local tax rates all influence the final amount. For instance, the 25th percentile of property tax bills in Greenwood is $1,475, which means a quarter of the homeowners pay less than this amount. On the higher end, the 75th percentile stands at $3,893, with the top 10% of tax bills reaching up to $5,402. When compared to the national median property tax rate of 0.99%, Greenwood's tax rates can be seen as relatively moderate. Understanding these factors helps homeowners budget more effectively and anticipate their annual property tax obligations.
Average Greenwood Tax Bill
$2,692
Average Cass County Tax Bill
$3,260
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Greenwood, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68366 | $474 | $1,475 | $2,692 | $3,893 | $5,402 |
Source: Ownwell