Benedict, Nebraska Property Taxes
The median property tax rate in Benedict, NE is 1.52%, which is significantly higher than the national median of 0.99% but lower than Nebraska's state median of 1.75%. With a median home value of $76,284 in Benedict, the typical annual property tax bill amounts to $1,107, falling below the national median of $2,690. Property taxes in Benedict are calculated based on the tax assessed value, which often is less than the market value due to various exemptions, including primary residence and agricultural exemptions. Gaining a thorough understanding of Benedict's property tax system, exploring available exemptions, and identifying reduction opportunities can lead to substantial annual savings. Whether you're residing in the heart of Benedict or in another area of York County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Benedict, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.52%
Estimate Property Tax Bill
$1,160
$1,076
Ownwell’s Benedict Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Benedict with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Benedict 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 Benedict, Nebraska
Property taxes in Benedict, Nebraska, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Benedict is 1.52%, significantly higher than the U.S. national median of 0.99%. Local government entities within Benedict set these rates annually, and they can vary significantly across different neighborhoods. Each year, Benedict 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 Benedict's effective property tax rate to other areas in Nebraska and the national median. For comparison, the zip code 68316 has the same median property tax rate of 1.52%. Understanding how these cities compare with Benedict provides valuable insights into the varying tax landscape across York County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Benedict Tax Rate
1.52%
Average York County Tax Rate
1.78%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Benedict, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68316 | 1.09% | 1.09% | 1.52% | 1.52% | 1.52% |
Source: Ownwell
Property Tax Assessment Values Across Benedict, Nebraska
In Benedict, 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 York 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. In Benedict, 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 Benedict helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Benedict is $76,284, with tax bills ranging from $711 at the 25th percentile to $2,581 at the 90th percentile. The highest and lowest median tax bills both occur in ZIP code 68316, with a value of $1,107.
Average Benedict Assessed Value
$76,284
Average York County Assessed Value
$120,076
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Benedict, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68316 | $24,237 | $47,244 | $76,284 | $139,658 | $233,818 |
Source: Ownwell
Property Tax Bills Across Benedict, Nebraska
In Benedict, located in York County, NE, property tax bills are calculated based on the assessed value of a home and the applicable tax rate. The median home price in Benedict is $76,284, which serves as a key factor in determining the overall tax bill. Homeowners can expect their property tax bills to vary significantly, with the 25th percentile tax bill at $711 and the 75th percentile reaching $1,810. For those at the higher end, the 90th percentile tax bill can climb to $2,581. The assessed value is determined by local assessors who evaluate the property’s market value. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. With the highest and lowest median tax bills both recorded at $1,107 in the zip code 68316, it's clear that property taxes can have a notable impact on household finances. Compared to the national median property tax rate of 0.99%, Benedict’s property tax rates reflect the local economic conditions and public service funding requirements.
Average Benedict Tax Bill
$1,107
Average York County Tax Bill
$1,911
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Benedict, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68316 | $368 | $711 | $1,107 | $1,810 | $2,581 |
Source: Ownwell