Potwin, Kansas Property Taxes
The median property tax rate in Potwin, KS is 1.58%, considerably higher than both the national median of 0.99% and the Kansas state median of 1.43%. With the median home value in Potwin at $79,770, the typical annual property tax bill reaches $1,231, which is below the national median of $2,690. Property taxes in Potwin 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 Potwin'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 Potwin 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
Potwin, Kansas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.43%
Estimate Property Tax Bill
$2,860
Ownwell’s Potwin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Potwin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Potwin 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 Potwin, Kansas
Property taxes in Potwin, Kansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Potwin is 1.58%, significantly higher than both the Kansas state median and the U.S. national median of 0.99%. Local government entities within Potwin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Potwin 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 Potwin's effective property tax rate to other counties in Kansas and the national median. For comparison, the 67123 zip code, which includes Potwin, has both the highest and lowest median property tax rate of 1.58%. Understanding how these cities compare with Potwin provides valuable insights into the varying tax landscape across Butler County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Potwin Tax Rate
1.58%
Average Butler County Tax Rate
1.35%
Average Kansas Tax Rate
1.43%
Average United States Tax Rate
0.99%
Property Tax Rates Across Potwin, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67123 | 1.01% | 1.18% | 1.58% | 1.90% | 2.38% |
Source: Ownwell
Property Tax Assessment Values Across Potwin, Kansas
In Potwin, Kansas, 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 Butler 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 Potwin, 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 highest median tax bill in Potwin is $1,231 in the zip code 67123, while the lowest median tax bill is also $1,231 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Potwin Assessed Value
$79,770
Average Butler County Assessed Value
$188,800
Average Kansas Assessed Value
$156,260
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Potwin, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67123 | $21,488 | $40,700 | $79,770 | $150,920 | $264,120 |
Source: Ownwell
Property Tax Bills Across Potwin, Kansas
In Potwin, located in Butler County, KS, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Various factors influence this market value, including the property's location, size, and condition. Once the assessed value is established, the local tax rate, known as the mill levy, is applied to calculate the annual tax bill. For homeowners in Potwin, property tax bills can vary significantly. The 25th percentile tax bill is around $678, while the 75th percentile reaches $2,085. At the 90th percentile, homeowners may see tax bills as high as $3,289. Comparatively, the national median property tax rate is 0.99%, and Potwin's tax rates reflect the local economic conditions and public service needs. For residents, understanding these factors is crucial, as property taxes contribute to funding essential services like schools, infrastructure, and emergency services.
Average Potwin Tax Bill
$1,231
Average Butler County Tax Bill
$2,390
Average Kansas Tax Bill
$2,595
Average United States Tax Bill
$2,690
Property Tax Bills Across Potwin, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67123 | $363 | $678 | $1,231 | $2,085 | $3,289 |
Source: Ownwell