Wakefield, Nebraska Property Taxes
The median property tax rate in Wakefield, Nebraska is 1.82%, significantly higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in Wakefield at $89,295, the typical annual property tax bill reaches $1,574, which is still below the national median of $2,690. Property taxes in Wakefield 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 Wakefield'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 Wakefield 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
Wakefield, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.82%
Estimate Property Tax Bill
$1,625
-$17,032
Ownwell’s Wakefield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wakefield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wakefield 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 Wakefield, Nebraska
Property taxes in Wakefield, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wakefield is 1.82%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Wakefield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wakefield 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 Wakefield's effective property tax rate to other areas in Nebraska and the national median. For comparison, the zip code 68784 has both the highest and the lowest median property tax rate of 1.82%. Understanding how these areas compare with Wakefield provides valuable insights into the varying tax landscape across Dixon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wakefield Tax Rate
1.82%
Average Dixon County Tax Rate
1.55%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wakefield, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68784 | 1.36% | 1.38% | 1.82% | 1.82% | 1.82% |
Source: Ownwell
Property Tax Assessment Values Across Wakefield, Nebraska
In Wakefield, 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 Dixon 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 Wakefield, 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 Wakefield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Wakefield are both $1,574, found in zip code 68784.
Average Wakefield Assessed Value
$89,295
Average Dixon County Assessed Value
$96,112
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wakefield, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68784 | $32,316 | $56,632 | $89,295 | $128,260 | $370,061 |
Source: Ownwell
Property Tax Bills Across Wakefield, Nebraska
In Wakefield, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $89,295 in Wakefield, homeowners can expect their property tax bills to vary significantly. Factors such as the property's location, size, and condition play a crucial role in determining the assessed value. In Dixon County, where Wakefield is located, the tax bills range widely. The 25th percentile tax bill is $1,048, while the 75th percentile reaches $2,201, and the 90th percentile can be as high as $6,501. These property tax bills can have a considerable impact on homeowners, influencing their overall housing costs and potentially affecting their financial planning. Compared to the national median property tax rate of 0.99%, Wakefield's rates highlight the variability in property tax burdens across different regions.
Average Wakefield Tax Bill
$1,574
Average Dixon County Tax Bill
$1,568
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Wakefield, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68784 | $607 | $1,048 | $1,574 | $2,201 | $6,501 |
Source: Ownwell