Oakland, Nebraska Property Taxes
The median property tax rate in Oakland, Nebraska is 0.99%, aligning with the national median but significantly lower than the Nebraska state median of 1.75%. With a median home value of $232,580 in Oakland, the typical annual property tax bill amounts to $2,754, which exceeds the national median of $2,690. Property taxes in Oakland are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Oakland'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 Oakland 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
Oakland, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$2,303
Ownwell’s Oakland Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Oakland, located in Cuming County, Nebraska. By simply entering your property's estimated assessed value, the calculator applies the median tax rate specific to Oakland to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities and plan accordingly. For those interested in more detailed information, scrolling down will reveal trends and localized data at the neighborhood level. Your property’s assessed value is determined by the county for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Oakland, Nebraska
Property taxes in Oakland, Nebraska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakland is 0.99%, aligning perfectly with the U.S. national median of 0.99%. Local government entities within Oakland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakland 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 Oakland's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68045 zip code has both the highest and lowest median property tax rate of 0.99%. Understanding how these cities compare with Oakland provides valuable insights into the varying tax landscape across Cuming County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oakland Tax Rate
0.99%
Average Cuming County Tax Rate
1.19%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oakland, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68045 | 0.97% | 0.98% | 0.99% | 1.35% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Oakland, Nebraska
In Oakland, 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 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 Oakland, 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 Oakland 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 is 68045, amounting to $2,754.
Average Oakland Assessed Value
$232,580
Average Cuming County Assessed Value
$148,485
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oakland, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68045 | $113,565 | $138,515 | $232,580 | $515,925 | $742,840 |
Source: Ownwell
Property Tax Bills Across Oakland, Nebraska
In Oakland, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the home's market value, and this figure is then multiplied by the local tax rate. For example, with a median home price of $232,580, homeowners can expect their tax bills to vary significantly. Factors influencing the tax bill include property location, improvements, and any applicable exemptions. In Oakland, the 25th percentile tax bill is $1,421, while the 75th percentile tax bill rises sharply to $6,203. At the 90th percentile, homeowners might face a tax bill as high as $8,177. These taxes fund essential services such as schools, infrastructure, and emergency services, directly impacting the quality of life in the community. Comparing these figures to the national median property tax rate of 0.99%, it is evident that property taxes in Oakland can be quite variable, affecting homeowners differently based on their property's assessed value and specific circumstances.
Average Oakland Tax Bill
$2,754
Average Cuming County Tax Bill
$1,766
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakland, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68045 | $987 | $1,421 | $2,754 | $6,203 | $8,177 |
Source: Ownwell