Wallace, Nebraska Property Taxes
The median property tax rate in Wallace, NE is 1.26%, higher than the national median of 0.99% but lower than the Nebraska state median of 1.75%. With a median home value of $127,703 in Wallace, the typical annual property tax bill is $1,200, which is below the national median of $2,690. Property taxes in Wallace are calculated based on the assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Wallace'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 Wallace 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
Wallace, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.26%
Estimate Property Tax Bill
$1,609
$1,493
Ownwell’s Wallace Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wallace with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wallace 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 Wallace, Nebraska
Property taxes in Wallace, Nebraska, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wallace is 1.26%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Wallace set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wallace 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 Wallace's effective property tax rate to other counties in Nebraska and the national median. For comparison, the zip code 69169 has both the highest and lowest median property tax rate in the county at 1.26%. Understanding how these areas compare with Wallace 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 Wallace Tax Rate
1.26%
Average Perkins County Tax Rate
1.33%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wallace, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69169 | 1.00% | 1.25% | 1.26% | 1.26% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Wallace, Nebraska
In Wallace, 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 Assessor 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 Wallace, 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 Wallace helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 69169 has both the highest and lowest median tax bill at $1,200.
Average Wallace Assessed Value
$127,703
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 Wallace, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69169 | $5,190 | $35,250 | $127,703 | $344,517 | $611,000 |
Source: Ownwell
Property Tax Bills Across Wallace, Nebraska
In Wallace, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor's office. The assessed value is a percentage of the market value, reflecting the property's worth in the current real estate market. Factors such as location, property size, and home improvements influence this value. The tax rate, set by local taxing authorities, is then applied to the assessed value to determine the tax bill. For homeowners in Wallace, the median home price is $127,703. Property tax bills can vary significantly, with the 25th percentile at $435 and the 75th percentile reaching $4,444. The highest median tax bill recorded in the area is $1,200, which is notably lower than the national median property tax rate of 0.99%. This variance in tax bills can impact homeowners' financial planning, influencing decisions on home purchases, renovations, and long-term investments. Understanding these factors helps homeowners anticipate their tax obligations and manage their budgets more effectively.
Average Wallace Tax Bill
$1,200
Average Perkins County Tax Bill
$1,412
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Wallace, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 69169 | $61 | $435 | $1,200 | $4,444 | $6,596 |
Source: Ownwell