Fairway, Kansas Property Taxes
The median property tax rate in Fairway, KS is 1.36%, which is considerably higher than the national median of 0.99% but slightly lower than the Kansas state median of 1.43%. With the median home value in Fairway, the typical annual property tax bill reaches $6,149, far exceeding the national median of $2,690. Property taxes in Fairway 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 Fairway'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 Fairway 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
Fairway, Kansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.36%
Estimate Property Tax Bill
$6,102
Ownwell’s FAIRWAY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in FAIRWAY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FAIRWAY 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 Fairway, Kansas
Property taxes in Fairway, Kansas, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairway is 1.36%, significantly higher than the U.S. national median of 0.99%. Local government entities within Fairway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairway 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 Fairway's effective property tax rate to other counties in Kansas and the national median. For comparison, the 66205 zip code has the highest median property tax rate of 1.36%, while the same zip code also has the lowest median tax rate of 1.36%. Understanding how these cities compare with Fairway provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairway Tax Rate
1.36%
Average Johnson County Tax Rate
1.32%
Average Kansas Tax Rate
1.43%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairway, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66205 | 1.34% | 1.35% | 1.36% | 1.39% | 1.41% |
Source: Ownwell
Property Tax Assessment Values Across Fairway, Kansas
In Fairway, Kansas, understanding the difference between "market value" and "assessed value" is essential 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 Johnson 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 Fairway, 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 Fairway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 66205 has the highest and lowest median tax bill at $6,149, which is significantly above the national median property tax rate of 0.99%.
Average Fairway Assessed Value
$448,700
Average Johnson County Assessed Value
$319,800
Average Kansas Assessed Value
$156,260
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairway, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66205 | $235,500 | $280,025 | $448,700 | $679,350 | $963,700 |
Source: Ownwell
Property Tax Bills Across Fairway, Kansas
In Fairway, KS, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Fairway, the median home price is $448,700. With a median property tax rate of 0.99%, which aligns with the national median, homeowners can expect a significant tax bill. Factors that influence the tax bill include the market value of the property, which can fluctuate based on the real estate market, and the local tax rate set by Johnson County. The tax bill can vary widely; for instance, the 25th percentile tax bill is $3,930, while the 75th percentile reaches $9,173, and the 90th percentile can be as high as $12,943. Homeowners in the 66205 zip code experience a median tax bill of $6,149, which is the highest in the region. These taxes fund essential public services, impacting the overall cost of homeownership.
Average Fairway Tax Bill
$6,149
Average Johnson County Tax Bill
$4,179
Average Kansas Tax Bill
$2,595
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairway, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66205 | $3,292 | $3,930 | $6,149 | $9,173 | $12,943 |
Source: Ownwell