Oak, Nebraska Property Taxes
The median property tax rate in OAK, NE is 1.10%, 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 $34,710, the typical annual property tax bill in OAK is $593, significantly below the national median of $2,690. Property taxes here are calculated based on the assessed value, which is often less than the market value due to various exemptions, including those for primary residences and agricultural properties. Understanding OAK'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 OAK or another part of the county, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oak, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$382
$354
Ownwell’s OAK Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in OAK with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in OAK 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 Oak, Nebraska
Property taxes in OAK, Nebraska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in OAK is 1.10%, higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within OAK set these rates annually, and they can vary significantly across different neighborhoods. Each year, OAK 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 OAK's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68964 zip code has the highest median property tax rate of 1.10%, while the 68964 zip code has the lowest median tax rate of 1.10%. Understanding how these cities compare with OAK provides valuable insights into the varying tax landscape across Nuckolls, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oak Tax Rate
1.10%
Average Nuckolls County Tax Rate
1.58%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oak, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68964 | 0.80% | 1.08% | 1.10% | 1.55% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Oak, Nebraska
In OAK, 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 Nuckolls 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 OAK, 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. The median home price in OAK is $34,710, with the 25th percentile tax bill at $131 and the 75th percentile tax bill at $2,740. The zip code 68964 has both the highest and lowest median tax bill at $593. 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 OAK helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Oak Assessed Value
$34,710
Average Nuckolls County Assessed Value
$44,235
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oak, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68964 | $1,645 | $11,852 | $34,710 | $249,375 | $696,180 |
Source: Ownwell
Property Tax Bills Across Oak, Nebraska
In OAK, located in Nuckolls County, NE, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and is a percentage of the property's market value. Homeowners in OAK typically see a wide range of property tax bills. For instance, the 25th percentile tax bill is around $131, while the 75th percentile tax bill can reach up to $2,740. The highest median tax bill in the area is $593, which is significantly lower than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. These taxes fund essential public services such as schools, infrastructure, and emergency services. Homeowners in OAK should be aware of how these factors affect their property tax bills and explore any available exemptions to potentially lower their tax burden.
Average Oak Tax Bill
$593
Average Nuckolls County Tax Bill
$697
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Oak, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68964 | $12 | $131 | $593 | $2,740 | $6,109 |
Source: Ownwell