Richland, Nebraska Property Taxes
The median property tax rate in Richland, Nebraska, is 1.46%, higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With a median home value of $190,670 in Richland, the typical annual property tax bill reaches $2,768, slightly above the national median of $2,690. Property taxes in Richland are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Richland'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 Richland 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
Richland, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.46%
Estimate Property Tax Bill
$2,784
Ownwell’s Richland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Richland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Richland 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 Richland, Nebraska
Property taxes in Richland, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richland is 1.46%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Richland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richland 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 Richland's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68601 zip code has the highest median property tax rate of 1.46%, while the same zip code also has the lowest median tax rate of 1.46%. Understanding how these cities compare with Richland provides valuable insights into the varying tax landscape across Colfax County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Richland Tax Rate
1.46%
Average Colfax County Tax Rate
1.78%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richland, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68601 | 1.11% | 1.45% | 1.46% | 1.71% | 1.71% |
Source: Ownwell
Property Tax Assessment Values Across Richland, Nebraska
In Richland, 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 Colfax 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 Richland, 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 Richland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill in the area is 68601, with a median tax bill of $2,768.
Average Richland Assessed Value
$190,670
Average Colfax County Assessed Value
$110,540
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Richland, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68601 | $22,414 | $53,575 | $190,670 | $366,572 | $552,361 |
Source: Ownwell
Property Tax Bills Across Richland, Nebraska
In Richland, Colfax County, NE, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Richland pay property taxes that can vary widely depending on their property's assessed value. For instance, the 25th percentile tax bill is $856, while the 75th percentile tax bill rises to $5,256, and the 90th percentile tax bill reaches $8,309. These figures highlight the significant variation in property tax burdens within the area. The median home price in Richland is $190,670, and while the national median property tax rate is 0.99%, local rates can differ, impacting how much homeowners ultimately pay. For example, the highest median tax bill in the area is $2,768, found in the zip code 68601. These taxes fund essential public services, including schools, infrastructure, and emergency services, directly affecting the quality of life for Richland residents.
Average Richland Tax Bill
$2,768
Average Colfax County Tax Bill
$1,841
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Richland, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68601 | $220 | $856 | $2,768 | $5,256 | $8,309 |
Source: Ownwell