Polk, Nebraska Property Taxes
The median property tax rate in Polk, NE is 1.34%, considerably higher than the national median of 0.99% but lower than the Nebraska state median of 1.75%. With the median home value in Polk at $53,795, the typical annual property tax bill reaches $693, which is below the national median of $2,690. Property taxes in Polk are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Polk'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 Polk 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
Polk, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.34%
Estimate Property Tax Bill
$721
Ownwell’s Polk Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Polk with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Polk 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 Polk, Nebraska
Property taxes in Polk, Nebraska, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Polk is 1.34%, higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Polk set these rates annually, and they can vary significantly across different neighborhoods. Each year, Polk 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 Polk's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68654 zip code has both the highest and lowest median property tax rate of 1.34%. Understanding how these cities compare with Polk provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Polk Tax Rate
1.34%
Average Polk County Tax Rate
1.34%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Polk, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68654 | 0.92% | 0.93% | 1.34% | 1.34% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Polk, Nebraska
In Polk, 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 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 Polk, 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 Polk helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in Polk is $693 in the zip code 68654, which can be compared with the national median property tax rate of 0.99%. Understanding these figures can help property owners in Polk make informed decisions about their property taxes.
Average Polk Assessed Value
$53,795
Average Polk County Assessed Value
$118,165
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Polk, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68654 | $11,805 | $31,439 | $53,795 | $161,434 | $484,665 |
Source: Ownwell
Property Tax Bills Across Polk, Nebraska
Property tax bills in Polk, Nebraska are calculated based on the assessed value of a property, which is determined by the county assessor. This assessed value is a percentage of the market value of the home. In Polk, the median home price is $53,795. The tax rate is then applied to this assessed value to determine the annual property tax bill. For homeowners in Polk, the 25th percentile tax bill is $383, while the 75th percentile tax bill reaches $1,763. At the 90th percentile, property owners can expect to pay up to $5,184. These figures illustrate the range of property tax burdens in the area, with the highest median tax bill in the county being $693 in the 68654 zip code. Compared to the national median property tax rate of 0.99%, Polk's property tax rates can significantly impact homeowners, influencing their overall housing costs and financial planning. Understanding these factors helps homeowners anticipate and manage their property tax obligations.
Average Polk Tax Bill
$693
Average Polk County Tax Bill
$1,628
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Polk, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68654 | $154 | $383 | $693 | $1,763 | $5,184 |
Source: Ownwell