Walton, Nebraska Property Taxes
The median property tax rate in Walton, NE is 1.21%, which is notably higher than the national median of 0.99% but lower than the Nebraska state median of 1.75%. With a median home value of $530,400 in Walton, the typical annual property tax bill amounts to $6,499, far exceeding the national median of $2,690. Property taxes in Walton are calculated based on the assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Familiarizing yourself with Walton'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 Walton or another part of the city, understanding the local property tax system benefits both homeowners and real estate investors.
Last Updated June 14, 2024
Walton, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$6,418
$5,956
Ownwell’s Walton Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Walton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Walton to provide an estimated property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, scroll down to find more localized information. Your property’s assessed value is determined by the county and accounts for any applicable exemptions, ensuring an accurate calculation for property tax purposes.
Property Tax Rates Across Walton, Nebraska
Property taxes in Walton, Nebraska, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Walton is 1.42%, higher than both the Nebraska state median of 1.61% and the U.S. national median of 0.99%. Local government entities within Walton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walton 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 Walton's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68461 zip code has the highest median property tax rate of 1.42%, while the 68461 zip code has the lowest median tax rate of 1.42%. Understanding how these cities compare with Walton provides valuable insights into the varying tax landscape across Lancaster County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Walton Tax Rate
1.21%
Average Lancaster County Tax Rate
1.51%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Walton, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68461 | 0.98% | 1.13% | 1.21% | 1.28% | 1.39% |
Source: Ownwell
Property Tax Assessment Values Across Walton, Nebraska
In Walton, 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 Lancaster 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 Walton, 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 Walton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 68461 has both the highest and lowest median tax bill at $6,499.
Average Walton Assessed Value
$530,400
Average Lancaster County Assessed Value
$238,100
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Walton, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68461 | $183,050 | $350,250 | $530,400 | $826,350 | $1,282,650 |
Source: Ownwell
Property Tax Bills Across Walton, Nebraska
In Walton, property tax bills are calculated based on the assessed value of a home, which is determined by the Lancaster County Assessor's Office. The assessed value is a percentage of the market value of the property. For homeowners in Walton, this assessed value is then multiplied by the property tax rate to determine the annual tax bill. The median home price in Walton is $530,400, which, when assessed, results in varying tax bills depending on the specific property's characteristics and local levies. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Walton can expect their property tax bills to range significantly. For instance, the tax bill at the 25th percentile is $4,440, while at the 75th percentile, it reaches $10,580. At the 90th percentile, the tax bill can soar to $15,453. These figures illustrate the impact of property taxes on homeowners, often leading them to seek appeals or exemptions to manage their financial obligations better.
Average Walton Tax Bill
$6,499
Average Lancaster County Tax Bill
$3,561
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Walton, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68461 | $2,025 | $4,440 | $6,499 | $10,580 | $15,453 |
Source: Ownwell