Herkimer, Kansas Property Taxes
The median property tax rate in Herkimer, KS is 0.98%, slightly below the national median of 0.99% and significantly lower than the Kansas state median of 1.43%. With a median home value of $6,750 in Herkimer, the typical annual property tax bill is about $70, which is notably less than the national median of $2,690. Property taxes in Herkimer are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Herkimer'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 Herkimer 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
Herkimer, 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 HERKIMER Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in HERKIMER with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in HERKIMER 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 Herkimer, Kansas
Property taxes in Herkimer, Kansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Herkimer is 1.23%, higher than both the Kansas state median of 1.37% and the U.S. national median of 0.99%. Local government entities within Herkimer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Herkimer 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 Herkimer's effective property tax rate to other counties in Kansas and the national median. For comparison, the 66508 zip code has the highest median property tax rate of 1.23%, while the 66508 zip code also has the lowest median tax rate of 1.23%. Understanding how these cities compare with Herkimer provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Herkimer Tax Rate
0.98%
Average Marshall County Tax Rate
1.65%
Average Kansas Tax Rate
1.43%
Average United States Tax Rate
0.99%
Property Tax Rates Across Herkimer, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66508 | 0.89% | 0.92% | 0.98% | 1.01% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Herkimer, Kansas
In Herkimer, Kansas, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 local 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 Herkimer, 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 Herkimer is $6,750, with the 25th percentile tax bill at $40 and the 75th percentile tax bill at $88. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Herkimer Assessed Value
$6,750
Average Marshall County Assessed Value
$92,000
Average Kansas Assessed Value
$156,260
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Herkimer, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66508 | $2,310 | $3,975 | $6,750 | $8,795 | $10,022 |
Source: Ownwell
Property Tax Bills Across Herkimer, Kansas
In Herkimer, KS, property tax bills are calculated based on the assessed value of a property, which is determined by local tax assessors. They evaluate the property's market value and apply an assessment ratio to arrive at the assessed value. The tax rate, which is set by local government authorities, is then applied to this assessed value to calculate the tax bill. For example, with a median home price of $6,750, homeowners in Herkimer can expect tax bills that vary significantly. The 25th percentile tax bill is around $40, while the 75th percentile tax bill is approximately $88, and the 90th percentile tax bill reaches up to $99. These figures highlight the variability in property tax bills based on individual property values and local tax rates. Compared to the national median property tax rate of 0.99%, Herkimer's property taxes are relatively modest. This can be beneficial for homeowners, as lower property taxes can reduce the overall cost of owning a home, making it more affordable to live in this area.
Average Herkimer Tax Bill
$70
Average Marshall County Tax Bill
$1,429
Average Kansas Tax Bill
$2,595
Average United States Tax Bill
$2,690
Property Tax Bills Across Herkimer, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66508 | $22 | $40 | $70 | $88 | $99 |
Source: Ownwell