Waco, Nebraska Property Taxes
The median property tax rate in Waco, NE is 1.41%, considerably higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in Waco at $128,482, the typical annual property tax bill reaches $1,419, exceeding the national median of $2,690. Property taxes in Waco 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 Waco'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 Waco 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
Waco, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.41%
Estimate Property Tax Bill
$1,812
$1,681
Ownwell’s Waco Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waco with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waco 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 Waco, Nebraska
Property taxes in Waco, Nebraska, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waco is 1.41%, significantly higher than the U.S. national median of 0.99%. Local government entities within Waco set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waco 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 Waco's effective property tax rate to other areas and the national median. For comparison, the zip code 68460 has both the highest and lowest median property tax rate of 1.41%. Understanding how these cities compare with Waco 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 Waco Tax Rate
1.41%
Average York County Tax Rate
1.78%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waco, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68460 | 0.89% | 0.90% | 1.41% | 1.41% | 1.41% |
Source: Ownwell
Property Tax Assessment Values Across Waco, Nebraska
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Waco, 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 York 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 Waco, 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. The median home price in Waco is $128,482, with tax bills ranging from $694 at the 25th percentile to $3,118 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 68460, at $1,419. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Waco Assessed Value
$128,482
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 Waco, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68460 | $19,832 | $58,498 | $128,482 | $190,405 | $274,677 |
Source: Ownwell
Property Tax Bills Across Waco, Nebraska
In Waco, York County, NE, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $128,482, homeowners can expect varying tax bills depending on their property's assessed value and the specific tax rate applied. Several factors influence the tax bill, including property size, location, and any applicable exemptions or deductions. In Waco, the tax bill can range significantly. Homeowners in the 25th percentile pay around $694 annually, while those in the 75th percentile face bills closer to $2,229. At the 90th percentile, tax bills can reach up to $3,118. These property taxes fund essential local services such as schools, public safety, and infrastructure. For homeowners, understanding how these bills are calculated and the factors involved can help them better manage their finances and anticipate annual expenses.
Average Waco Tax Bill
$1,419
Average York County Tax Bill
$1,911
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Waco, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68460 | $227 | $694 | $1,419 | $2,229 | $3,118 |
Source: Ownwell