Randolph, Nebraska Property Taxes
The median property tax rate in Randolph, NE is 0.76%, notably lower than both the national median of 0.99% and the Nebraska state median of 1.75%. With a median home value of $364,835, the typical annual property tax bill in Randolph amounts to $2,817, just under the national median of $2,690. Property taxes in Randolph are calculated based on the tax assessed value, which is often less than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Randolph'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 Randolph 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
Randolph, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$2,773
$2,573
Ownwell’s Randolph Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Randolph with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Randolph to provide an accurate estimate of 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 Randolph, Nebraska
Property taxes in Randolph, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Randolph is 1.92%, significantly higher than both the Nebraska state median of 1.61% and the U.S. national median of 0.99%. Local government entities within Randolph set these rates annually, and they can vary significantly across different neighborhoods. Each year, Randolph 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 Randolph's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68771 zip code has the highest median property tax rate of 1.92%, while the lowest median tax rate is also 1.92%. Understanding how these cities compare with Randolph provides valuable insights into the varying tax landscape across County 31139, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Randolph Tax Rate
0.76%
Average Pierce County Tax Rate
1.46%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Randolph, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68771 | 0.75% | 0.75% | 0.76% | 0.77% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Randolph, Nebraska
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Randolph, Nebraska. 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 local 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 Randolph, 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 highest median tax bill in Randolph is $2,817 in the 68771 zip code, while the lowest median tax bill is also $2,817 in the same 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 Randolph Assessed Value
$364,835
Average Pierce County Assessed Value
$145,155
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Randolph, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68771 | $75,685 | $220,515 | $364,835 | $626,360 | $766,211 |
Source: Ownwell
Property Tax Bills Across Randolph, Nebraska
In Randolph, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For Randolph homeowners, the median home price is $364,835. The tax bill varies significantly, with the 25th percentile at $1,749 and the 75th percentile reaching $4,715, while the 90th percentile can go up to $5,800. These figures indicate that homeowners in Randolph experience a range of property tax bills depending on the assessed value of their property and the specific tax rate applied. Compared to the national median property tax rate of 0.99%, Randolph's property tax rate may result in higher or lower tax bills depending on individual property values. This variability in tax bills affects homeowners by influencing their annual financial planning and potentially their decisions on property investments. Understanding these factors helps homeowners anticipate their tax obligations and manage their finances more effectively.
Average Randolph Tax Bill
$2,817
Average Pierce County Tax Bill
$2,274
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Randolph, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68771 | $668 | $1,749 | $2,817 | $4,715 | $5,800 |
Source: Ownwell