Cedar Rapids, Nebraska Property Taxes
The median property tax rate in Cedar Rapids, NE is 0.96%, slightly below the national median of 0.99% and significantly lower than Nebraska's state median of 1.75%. With the median home value in Cedar Rapids at $110,550, the typical annual property tax bill amounts to $1,067, which is considerably less than the national median of $2,690. Property taxes in Cedar Rapids are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cedar Rapids' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Cedar Rapids 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
Cedar Rapids, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$1,061
$985
Ownwell’s Cedar Rapids Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers a simple way to estimate their annual property taxes in Cedar Rapids using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cedar Rapids to provide an estimate of your property tax bill. This intuitive tool helps you grasp potential tax liabilities with ease. For those interested in more granular details, you can explore neighborhood-level trends by scrolling down. Your property’s assessed value, determined by the county, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Cedar Rapids, Nebraska
Property taxes in Cedar Rapids, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cedar Rapids is 0.96%, which is lower than the U.S. national median of 0.99%. Local government entities within Cedar Rapids set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cedar Rapids 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 Cedar Rapids' effective property tax rate to other counties in Nebraska and the national median. For comparison, the zip code 68627 has both the highest and lowest median property tax rate of 0.96%. Understanding how these areas compare with Cedar Rapids provides valuable insights into the varying tax landscape across Nance County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cedar Rapids Tax Rate
0.96%
Average Nance County Tax Rate
1.73%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cedar Rapids, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68627 | 0.94% | 0.95% | 0.96% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Cedar Rapids, Nebraska
In Cedar Rapids, 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 Nance 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 Cedar Rapids, 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. For instance, the median home price in Cedar Rapids is $110,550, with tax bills ranging from $793 at the 25th percentile to $3,582 at the 90th percentile. The highest and lowest median tax bills, both $1,067, are found in the 68627 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cedar Rapids Assessed Value
$110,550
Average Nance County Assessed Value
$104,025
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cedar Rapids, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68627 | $65,206 | $82,210 | $110,550 | $279,738 | $381,250 |
Source: Ownwell
Property Tax Bills Across Cedar Rapids, Nebraska
Property tax bills in Cedar Rapids, Nance County, NE, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property’s market value. In Cedar Rapids, the median home price is $110,550. The local tax rate is applied to this assessed value to determine the annual tax bill. Homeowners in Cedar Rapids experience a range of property tax bills. The 25th percentile of tax bills is $793, indicating that a quarter of homeowners pay this amount or less annually. On the higher end, the 75th percentile of tax bills reaches $2,639, and the 90th percentile climbs to $3,582. The highest median tax bill in the area is $1,067, found in the zip code 68627. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Compared to the national median property tax rate of 0.99%, Cedar Rapids homeowners can gauge how their tax obligations stack up.
Average Cedar Rapids Tax Bill
$1,067
Average Nance County Tax Bill
$1,688
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Cedar Rapids, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68627 | $629 | $793 | $1,067 | $2,639 | $3,582 |
Source: Ownwell