Oketo, Kansas Property Taxes
The median property tax rate in Oketo, KS is 1.94%, considerably higher than both the national median of 0.99% and the Kansas state median of 1.43%. With the median home value in Oketo at $59,500, the typical annual property tax bill reaches $1,040, exceeding the national median of $2,690. Property taxes in Oketo 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 Oketo'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 Oketo 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
Oketo, 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 Oketo Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Oketo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oketo 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 Marshall County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Oketo, Kansas
Property taxes in Oketo, Kansas, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Oketo is 1.94%, significantly higher than both the Kansas state median and the U.S. national median of 0.99%. Local government entities within Oketo set these rates annually, and they can vary across different neighborhoods. Each year, Oketo 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 Oketo's effective property tax rate to other areas and the national median. For comparison, the zip code 66518 has both the highest and the lowest median property tax rate of 1.94%. Understanding how these rates compare with Oketo 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 Oketo Tax Rate
1.94%
Average Marshall County Tax Rate
1.65%
Average Kansas Tax Rate
1.43%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oketo, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66518 | 1.06% | 1.34% | 1.94% | 2.20% | 2.57% |
Source: Ownwell
Property Tax Assessment Values Across Oketo, Kansas
In Oketo, 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 Marshall 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 Oketo, 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 Oketo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 66518, with a median of $1,040, which is significantly higher than the national median property tax rate of 0.99%.
Average Oketo Assessed Value
$59,500
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 Oketo, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66518 | $1,600 | $14,040 | $59,500 | $147,020 | $215,890 |
Source: Ownwell
Property Tax Bills Across Oketo, Kansas
In Oketo, KS, within Marshall County, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. This assessed value is a percentage of the property's market value. Homeowners in Oketo pay property taxes at a rate that reflects the local tax rate, which is influenced by the funding needs of public services such as schools, infrastructure, and emergency services. For a median home price of $59,500, property tax bills can vary significantly. The 25th percentile tax bill is $297, while the 75th percentile tax bill reaches $2,141, and the 90th percentile tax bill can go up to $3,745. These variations depend on the specific assessed values and applicable exemptions. Compared to the national median property tax rate of 0.99%, homeowners in Oketo may find their tax burdens either lower or higher depending on their property's assessed value and any qualifying exemptions. This system ensures that property taxes are equitable and reflect the value and needs of the community.
Average Oketo Tax Bill
$1,040
Average Marshall County Tax Bill
$1,429
Average Kansas Tax Bill
$2,595
Average United States Tax Bill
$2,690
Property Tax Bills Across Oketo, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66518 | $56 | $297 | $1,040 | $2,141 | $3,745 |
Source: Ownwell