Greenwood, Nebraska Property Taxes
The median property tax rate in Greenwood, NE is 1.29%, 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 $292,805 in Greenwood, the typical annual property tax bill amounts to $3,872, significantly surpassing the national median of $2,690. Property taxes in Greenwood are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Greenwood's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Greenwood or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Greenwood, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.29%
Estimate Property Tax Bill
$3,777
Ownwell’s Greenwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Greenwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Greenwood 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 Greenwood, Nebraska
Property taxes in Greenwood, Nebraska, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Greenwood is 1.29%, significantly higher than the U.S. national median of 0.99%. Local government entities within Greenwood set these rates annually, and they can vary across different neighborhoods. Each year, Greenwood 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. For comparison, the highest and lowest median property tax rates in Saunders County are both 1.29%, found in the zip code 68366. Understanding how these rates compare with Greenwood provides valuable insights into the varying tax landscape across Saunders County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Greenwood Tax Rate
1.29%
Average Saunders County Tax Rate
1.77%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Greenwood, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68366 | 0.11% | 1.00% | 1.29% | 1.50% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Greenwood, Nebraska
In Greenwood, 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 Saunders 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. 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 Greenwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Greenwood is $3,872 in zip code 68366, while the lowest median tax bill is also $3,872 in the same zip code.
Average Greenwood Assessed Value
$292,805
Average Saunders County Assessed Value
$199,000
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Greenwood, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68366 | $3,127 | $162,534 | $292,805 | $491,419 | $641,329 |
Source: Ownwell
Property Tax Bills Across Greenwood, Nebraska
In Greenwood, located in Saunders County, NE, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors and reflects the market value of the property. This value is then multiplied by the local tax rate to calculate the annual tax bill. For instance, with a median home price of $292,805, homeowners can expect varying tax bills depending on specific factors such as property location and improvements. The tax bill can range significantly, with the 25th percentile at about $312 and the 75th percentile reaching up to $7,444. At the higher end, the 90th percentile tax bill is around $9,097. These figures indicate how diverse property taxes can be, impacting homeowners differently based on their property's assessed value. Compared to the national median property tax rate of 0.99%, Greenwood's property taxes can be quite variable, influencing household budgets and overall affordability of homeownership in the area.
Average Greenwood Tax Bill
$3,872
Average Saunders County Tax Bill
$3,382
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Greenwood, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68366 | $94 | $312 | $3,872 | $7,444 | $9,097 |
Source: Ownwell