Elwood, Nebraska Property Taxes
The median property tax rate in Elwood, Nebraska is 1.22%, considerably higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in Elwood, the typical annual property tax bill reaches $3,865, exceeding the national median of $2,690. Property taxes in Elwood 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 Elwood'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 Elwood 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
Elwood, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.22%
Estimate Property Tax Bill
$3,727
$3,459
Ownwell’s Elwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elwood 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 Elwood, Nebraska
Property taxes in Elwood, Nebraska, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elwood is 1.22%, significantly higher than both the Nebraska state median of 1.61% and the U.S. national median of 0.99%. Local government entities within Elwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elwood 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 Elwood's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68937 zip code has both the highest and lowest median property tax rate of 1.22%. Understanding how these areas compare with Elwood provides valuable insights into the varying tax landscape across Dawson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elwood Tax Rate
1.22%
Average Dawson County Tax Rate
1.81%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elwood, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68937 | 1.22% | 1.22% | 1.22% | 1.22% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Elwood, Nebraska
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Elwood, 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 Dawson 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 Elwood, 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. Elwood's median home price is $305,528, with tax bills ranging from $2,769 at the 25th percentile to $6,705 at the 90th percentile. The highest and lowest median tax bills are both found in zip code 68937, at $3,865. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Elwood Assessed Value
$305,528
Average Dawson County Assessed Value
$101,091
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elwood, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68937 | $146,218 | $226,800 | $305,528 | $415,147 | $548,685 |
Source: Ownwell
Property Tax Bills Across Elwood, Nebraska
In Elwood, Dawson County, NE, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Homeowners in Elwood can expect their property tax bills to vary significantly depending on the value of their homes. For instance, the median home price in Elwood is $305,528. Property tax bills in the 25th percentile are around $2,769, while those in the 75th percentile are approximately $5,134. At the higher end, the 90th percentile of tax bills reaches $6,705. These figures illustrate how property tax rates impact homeowners differently based on their property values. The median property tax rate in Elwood is relatively high compared to the national median of 0.99%. This can place a substantial financial burden on homeowners, influencing their overall cost of living and potentially affecting their decisions on property investments.
Average Elwood Tax Bill
$3,865
Average Dawson County Tax Bill
$1,900
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Elwood, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68937 | $1,758 | $2,769 | $3,865 | $5,134 | $6,705 |
Source: Ownwell