Crofton, Nebraska Property Taxes
The median property tax rate in Crofton, NE is 1.28%, which is higher than the national median of 0.99% but lower than the Nebraska state median of 1.75%. With a median home value of $154,635, the typical annual property tax bill in Crofton amounts to $2,177, falling below the national median of $2,690. Property taxes in Crofton are calculated based on the tax assessed value, which often comes in lower than the market value due to exemptions like the primary residence and agricultural exemptions. Gaining a thorough understanding of Crofton's property tax system, exploring the available exemptions, and identifying potential reductions can result in substantial annual savings. Whether you reside in the heart of Crofton or another part of the city, familiarizing yourself with the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Crofton, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.28%
Estimate Property Tax Bill
$1,979
$1,837
Ownwell’s Crofton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Crofton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Crofton 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 Crofton, Nebraska
Property taxes in Crofton, Nebraska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Crofton is 1.28%, higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Crofton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Crofton 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 Crofton's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68730 zip code has the highest median property tax rate of 1.28%, while the 68730 zip code has the lowest median tax rate of 1.28%. Understanding how these cities compare with Crofton provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Crofton Tax Rate
1.28%
Average Knox County Tax Rate
1.28%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Crofton, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68730 | 1.07% | 1.15% | 1.28% | 1.62% | 1.62% |
Source: Ownwell
Property Tax Assessment Values Across Crofton, Nebraska
In Crofton, 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 Knox 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 Crofton, 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. For instance, while the median home price in Crofton is $154,635, the tax bills can vary widely, with the 25th percentile at $1,230 and the 75th percentile at $3,438. Interestingly, the highest and lowest median tax bills are both $2,178 in the zip code 68730. 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 Crofton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Crofton Assessed Value
$154,635
Average Knox County Assessed Value
$96,140
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Crofton, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68730 | $47,367 | $92,535 | $154,868 | $266,316 | $438,578 |
Source: Ownwell
Property Tax Bills Across Crofton, Nebraska
In Crofton, located in Knox County, NE, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Homeowners in Crofton can expect significant variation in their property tax bills depending on the value of their property. For instance, the tax bill at the 25th percentile is approximately $1,230, while at the 75th percentile, it reaches around $3,438. Those in the 90th percentile face even higher bills, averaging $5,629 annually. The median home price in Crofton is $154,635, which serves as a benchmark for understanding how property values influence tax obligations. Compared to the national median property tax rate of 0.99%, homeowners in Crofton may find their tax bills vary significantly. This variation can impact household budgets, making it crucial for homeowners to understand their local property tax structure and seek any available exemptions to potentially lower their tax burden.
Average Crofton Tax Bill
$2,177
Average Knox County Tax Bill
$1,362
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Crofton, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68730 | $530 | $1,233 | $2,178 | $3,433 | $5,629 |
Source: Ownwell