Oak, Nebraska Property Taxes
The median property tax rate in OAK, NE is 0.99%, aligning with the national median of 0.99% but significantly lower than Nebraska's state median of 1.75%. With a median home value of $83,293 in OAK, the typical annual property tax bill amounts to $824, which is well below the national median of $2,690. Property taxes in OAK are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding OAK'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 OAK 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
Oak, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$825
-$8,642
Ownwell’s OAK Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in OAK with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in OAK 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 Oak, Nebraska
Property taxes in OAK, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in OAK is 1.42%, higher than both the Nebraska state median of 1.61% and the U.S. national median of 0.99%. Local government entities within OAK set these rates annually, and they can vary significantly across different neighborhoods. Each year, OAK 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 OAK's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68964 zip code has the highest median property tax rate of 1.61%, while the 68964 zip code has the lowest median tax rate of 1.61%. Understanding how these cities compare with OAK provides valuable insights into the varying tax landscape across Thayer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oak Tax Rate
0.99%
Average Thayer County Tax Rate
1.32%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oak, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68964 | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Oak, Nebraska
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in OAK, 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 Thayer 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 OAK, 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 OAK helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in OAK is $83,293, with the highest and lowest median tax bills both recorded at $824 in the zip code 68964.
Average Oak Assessed Value
$83,293
Average Thayer County Assessed Value
$73,318
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oak, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68964 | $83,293 | $83,293 | $83,293 | $83,293 | $83,293 |
Source: Ownwell
Property Tax Bills Across Oak, Nebraska
In OAK, located in Thayer County, NE, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in this area is $83,293. Homeowners in OAK can expect their property tax bills to align closely with the median tax bill of $824, which is consistent across different percentiles, as seen with the 25th, 75th, and 90th percentiles all reporting the same amount. This uniformity suggests a stable tax rate, which can be beneficial for homeowners when planning their annual budgets. The property tax rate in OAK is significantly higher than the national median property tax rate of 0.99%, reflecting local funding needs for public services such as schools, infrastructure, and emergency services. Understanding these factors can help homeowners better anticipate their financial obligations and the value they receive in community services.
Average Oak Tax Bill
$824
Average Thayer County Tax Bill
$919
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Oak, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68964 | $824 | $824 | $824 | $824 | $824 |
Source: Ownwell