Olathe, Missouri Property Taxes
The median property tax rate in Olathe, MO is 0.91%, which is lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Olathe, the typical annual property tax bill reaches $14, significantly below the national median of $2,690. Property taxes in Olathe 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 Olathe'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 Olathe 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
Olathe, Missouri Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$2,400
Ownwell’s Olathe Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Olathe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Olathe to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed trends at a neighborhood level, additional localized information is available below. Your property’s assessed value is the figure assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Olathe, Missouri
Property taxes in Olathe, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Olathe is 0.91%, which is lower than the U.S. national median of 0.99%. Local government entities within Olathe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Olathe 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 Olathe's effective property tax rate to other counties in Missouri and the national median. For comparison, the highest median property tax rate in Missouri is 1.35%, while the lowest median tax rate is 0.69%. Understanding how these cities compare with Olathe provides valuable insights into the varying tax landscape across Stone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Olathe Tax Rate
0.91%
Average Stone County Tax Rate
0.93%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Olathe, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Olathe, Missouri
In Olathe, Missouri, 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 Stone 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 Olathe, 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 Olathe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Olathe Assessed Value
$1,500
Average Stone County Assessed Value
$50,150
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Olathe, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Olathe, Missouri
In Olathe, located in Stone County, MO, property tax bills are primarily determined based on the assessed value of a property, which is a percentage of its market value. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. The median property tax rate in Olathe is significantly lower than the national median of 0.99%, reflecting a more favorable tax environment for homeowners. Several factors influence the assessed value, including property size, location, and market conditions. Homeowners in Olathe benefit from a relatively stable tax bill, with the 25th, 75th, and 90th percentiles all reporting a consistent amount of $14. This consistency suggests a predictable tax burden, which can be advantageous for budgeting and financial planning. The lower tax rates and stable tax bills make Olathe an attractive place for homeowners, potentially reducing the overall cost of homeownership. This stability can contribute to a more predictable and manageable financial landscape for property owners in the region.
Average Olathe Tax Bill
$14
Average Stone County Tax Bill
$460
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Olathe, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell