Randolph, Nebraska Property Taxes
The median property tax rate in Randolph, Nebraska is 0.78%, which is notably lower than both the national median of 0.99% and the Nebraska state median of 1.75%. With a median home value of $468,950 in Randolph, the typical annual property tax bill amounts to $3,996, surpassing the national median of $2,690. Property taxes in Randolph are calculated based on the tax assessed value, which is usually less than the market value due to various exemptions, such as 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
0.78%
Estimate Property Tax Bill
$3,658
Ownwell’s Randolph Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner 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 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 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 1.25%, 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 1.25%, while the 68771 zip code also has the lowest median tax rate of 1.25%. Understanding how these cities compare with Randolph provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Randolph Tax Rate
0.78%
Average Wayne County Tax Rate
1.74%
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 | 0.78% | 0.78% | 0.78% | 0.79% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Randolph, Nebraska
In Randolph, 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 Wayne 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 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. Being aware of these valuation processes in Randolph helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Randolph is $3,996 in the 68771 zip code, while the lowest median tax bill is also $3,996 in the same zip code.
Average Randolph Assessed Value
$468,950
Average Wayne County Assessed Value
$145,345
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 | $58,305 | $142,612 | $468,950 | $942,010 | $1,111,085 |
Source: Ownwell
Property Tax Bills Across Randolph, Nebraska
In Randolph, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the market value of the property, which is determined by the county assessor. Various factors, including property size, location, and improvements, influence the assessed value. For instance, Randolph homeowners with properties in the 25th percentile pay around $1,100 in property taxes, while those in the 75th percentile face bills up to $7,609. At the 90th percentile, tax bills can reach $8,903. These figures highlight the variability in tax burdens based on property value and location within the city. The median home price in Randolph is $468,950, and the local tax rate plays a significant role in the final tax bill. Compared to the national median property tax rate of 0.99%, Randolph's property taxes can significantly impact homeowners' annual expenses. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Randolph Tax Bill
$3,996
Average Wayne County Tax Bill
$2,361
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 | $261 | $1,100 | $3,996 | $7,609 | $8,903 |
Source: Ownwell