Prescott, Kansas Property Taxes
The median property tax rate in Prescott, Kansas is 3.06%, considerably higher than both the national median of 0.99% and the Kansas state median of 1.43%. With the median home value in Prescott, the typical annual property tax bill reaches $2,889, exceeding the national median of $2,690. Property taxes in Prescott 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 Prescott'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 Prescott 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
Prescott, Kansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.06%
Estimate Property Tax Bill
$2,892
Ownwell’s Prescott Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prescott with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prescott 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 Prescott, Kansas
Property taxes in Prescott, Kansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Prescott is 3.06%, significantly higher than both the Kansas state median and the U.S. national median of 0.99%. Local government entities within Prescott set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prescott 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 Prescott's effective property tax rate to other counties in Kansas and the national median. For comparison, the 66767 zip code has the highest median property tax rate of 3.06%, while the 66767 zip code also has the lowest median tax rate of 3.06%. Understanding how these cities compare with Prescott provides valuable insights into the varying tax landscape across Bourbon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Prescott Tax Rate
3.06%
Average Bourbon County Tax Rate
1.91%
Average Kansas Tax Rate
1.43%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prescott, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66767 | 3.06% | 3.06% | 3.06% | 3.06% | 3.06% |
Source: Ownwell
Property Tax Assessment Values Across Prescott, Kansas
In Prescott, 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 Bourbon 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 Prescott, 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 Prescott helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Prescott are both $2,889, found in the 66767 zip code.
Average Prescott Assessed Value
$94,520
Average Bourbon County Assessed Value
$59,230
Average Kansas Assessed Value
$156,260
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Prescott, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66767 | $94,520 | $94,520 | $94,520 | $94,520 | $94,520 |
Source: Ownwell
Property Tax Bills Across Prescott, Kansas
In Prescott, Kansas, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the property's market value. For instance, if the median home price in Prescott is $94,520, the assessed value is derived from this figure. The property tax rate, which in Prescott is aligned with the national median of 0.99%, is then applied to the assessed value to determine the tax bill. Several factors influence the final tax bill, including property characteristics, local tax rates, and any applicable exemptions or deductions. Homeowners in Prescott can expect a median tax bill of $2,889, which is consistent across various percentiles. This uniformity indicates a stable tax environment for residents. Understanding how these taxes are calculated is crucial for homeowners, as property taxes can significantly impact annual housing costs. By staying informed, homeowners can better anticipate their financial obligations and plan accordingly.
Average Prescott Tax Bill
$2,889
Average Bourbon County Tax Bill
$1,096
Average Kansas Tax Bill
$2,595
Average United States Tax Bill
$2,690
Property Tax Bills Across Prescott, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66767 | $2,889 | $2,889 | $2,889 | $2,889 | $2,889 |
Source: Ownwell