Madrid, Nebraska Property Taxes
The median property tax rate in Madrid, NE is 1.33%, which is higher than the national median of 0.99% but lower than Nebraska's state median of 1.75%. With a median home value of $89,000 in Madrid, the typical annual property tax bill is $1,106, falling below the national median of $2,690. Property taxes in Madrid are calculated based on the assessed value, generally lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Madrid'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 Madrid or another part of Perkins County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Madrid, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.33%
Estimate Property Tax Bill
$1,184
$1,098
Ownwell’s Madrid Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Madrid with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Madrid 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 Madrid, Nebraska
Property taxes in Madrid, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Madrid is 1.33%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Madrid set these rates annually, and they can vary significantly across different neighborhoods. Each year, Madrid 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 Madrid's effective property tax rate to other counties in Nebraska and the national median. For comparison, the zip code 69150 has both the highest and lowest median property tax rate of 1.33%. Understanding how these cities compare with Madrid provides valuable insights into the varying tax landscape across Perkins County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Madrid Tax Rate
1.33%
Average Perkins County Tax Rate
1.33%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Madrid, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69150 | 1.02% | 1.03% | 1.33% | 1.33% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Madrid, Nebraska
In Madrid, 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 Perkins 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 Madrid, 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 Madrid helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 69150, with a tax bill of $1,106, the same as the lowest median tax bill.
Average Madrid Assessed Value
$89,000
Average Perkins County Assessed Value
$109,935
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Madrid, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69150 | $15,900 | $34,000 | $89,000 | $240,618 | $560,903 |
Source: Ownwell
Property Tax Bills Across Madrid, Nebraska
In Madrid, located in Perkins County, Nebraska, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and typically reflects a percentage of the market value of the property. Homeowners in Madrid can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill stands at $441, while the 75th percentile reaches $2,536. At the higher end, the 90th percentile tax bill is $5,717. These variations are influenced by factors such as property location, market conditions, and any exemptions or abatements for which a homeowner might qualify. Compared to the national median property tax rate of 0.99%, the rates in Madrid can have a substantial impact on household budgets. Understanding these dynamics is crucial for homeowners to anticipate their annual expenses and manage their finances effectively.
Average Madrid Tax Bill
$1,106
Average Perkins County Tax Bill
$1,412
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Madrid, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69150 | $214 | $441 | $1,106 | $2,536 | $5,717 |
Source: Ownwell