Walton, Nebraska Property Taxes
The median property tax rate in Walton, NE is 1.54%, considerably higher than both the national median of 0.99% and the Nebraska state median of 1.75%. With the median home value in Walton at $280,167, the typical annual property tax bill reaches $4,328, exceeding the national median of $2,690. Property taxes in Walton 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 Walton'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 Walton 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
Walton, Nebraska Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.75%
Estimate Property Tax Bill
$3,500
Ownwell’s Walton Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Walton with just two simple inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Walton to provide an accurate estimate of your property tax bill. This valuable resource helps you grasp potential tax liabilities, ensuring you're well-prepared. For those seeking more detailed insights, you can explore trends at a neighborhood level by scrolling down for localized information. Remember, your property’s assessed value is determined by the county for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Walton, Nebraska
Property taxes in Walton, Nebraska, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Walton is 1.54%, significantly higher than both the Nebraska state median and the U.S. national median of 0.99%. Local government entities within Walton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walton 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 Walton's effective property tax rate to other counties in Nebraska and the national median. For comparison, the 68461 zip code has both the highest and lowest median property tax rate of 1.54%. Understanding how these cities compare with Walton provides valuable insights into the varying tax landscape across Cass County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Walton Tax Rate
1.54%
Average Cass County Tax Rate
1.72%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Walton, Nebraska
Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
---|---|---|---|---|---|
68461 | 1.30% | 1.54% | 1.54% | 1.54% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Walton, Nebraska
In Walton, 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 Cass 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 Walton, 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 Walton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Walton is $4,328 in the 68461 zip code, which is significantly higher than the national median property tax rate of 0.99%.
Average Walton Assessed Value
$280,167
Average Cass County Assessed Value
$194,901
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Walton, Nebraska
Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
---|---|---|---|---|---|
68461 | $187,292 | $264,679 | $280,167 | $359,715 | $411,841 |
Source: Ownwell
Property Tax Bills Across Walton, Nebraska
Property tax bills in Walton, located in Cass County, NE, are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. Once the market value is established, the assessed value is typically a percentage of this amount. For instance, with a median home price of $280,167, the assessed value is proportionate to this figure. The local tax rate is then applied to the assessed value to determine the tax bill. Walton's property tax rates can lead to varying tax bills, with the 25th percentile tax bill being $4,088 and the 75th percentile reaching $5,556. At the 90th percentile, homeowners can expect a tax bill of approximately $6,347. These taxes fund essential public services such as schools, infrastructure, and emergency services. Homeowners in Walton should be aware of these factors as they significantly impact their annual expenses. Comparing these figures to the national median property tax rate of 0.99%, Walton's property taxes are relatively higher, reflecting the local funding needs and property values.
Average Walton Tax Bill
$4,328
Average Cass County Tax Bill
$3,260
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Walton, Nebraska
Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
---|---|---|---|---|---|
68461 | $1,389 | $4,088 | $4,328 | $5,556 | $6,347 |
Source: Ownwell