Colony, Kansas Property Taxes
The median property tax rate in Colony, KS is 2.36%, considerably higher than both the national median of 0.99% and the Kansas state median of 1.43%. With the median home value in Colony, the typical annual property tax bill reaches $1,055, exceeding the national median of $2,690. Property taxes in Colony 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 Colony'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 Colony 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
Colony, Kansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.36%
Estimate Property Tax Bill
$1,054
Ownwell’s Colony Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Colony with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Colony 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 Colony, Kansas
Property taxes in Colony, Kansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Colony is 2.36%, notably higher than both the Kansas state median and the U.S. national median of 0.99%. Local government entities within Colony set these rates annually, and they can vary significantly across different neighborhoods. Each year, Colony 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 Colony's effective property tax rate to other counties in Kansas and the national median. For comparison, the 66015 zip code has the highest median property tax rate of 2.36%, while the same zip code also has the lowest median tax rate of 2.36%. Understanding how these cities compare with Colony provides valuable insights into the varying tax landscape across Coffey County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Colony Tax Rate
2.36%
Average Coffey County Tax Rate
1.25%
Average Kansas Tax Rate
1.43%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colony, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66015 | 2.36% | 2.36% | 2.36% | 2.36% | 2.36% |
Source: Ownwell
Property Tax Assessment Values Across Colony, Kansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Colony, Kansas. 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 Coffey 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 Colony, 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 Colony helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 66015 has both the highest and lowest median tax bills, each at $1,055. This knowledge empowers homeowners to take proactive steps in managing their property taxes effectively.
Average Colony Assessed Value
$44,640
Average Coffey County Assessed Value
$92,950
Average Kansas Assessed Value
$156,260
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Colony, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66015 | $44,640 | $44,640 | $44,640 | $44,640 | $44,640 |
Source: Ownwell
Property Tax Bills Across Colony, Kansas
In Colony, located in Coffey County, KS, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The assessed value is then multiplied by the local tax rate to determine the final tax bill. For instance, with a median home price of $44,640, homeowners in Colony can expect a median tax bill of $1,055. This figure is consistent across different percentiles, indicating a uniform tax rate application within the area. Several factors influence the tax bill, including property size, location, and any applicable exemptions or deductions. The local tax rate in Colony is notably higher than the national median property tax rate of 0.99%, which can significantly impact homeowners' annual expenses. Understanding these elements is crucial for homeowners to budget effectively and anticipate their financial obligations. High property taxes can affect the overall affordability of owning a home in Colony, making it essential for residents to stay informed about their tax liabilities.
Average Colony Tax Bill
$1,055
Average Coffey County Tax Bill
$1,148
Average Kansas Tax Bill
$2,595
Average United States Tax Bill
$2,690
Property Tax Bills Across Colony, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66015 | $1,055 | $1,055 | $1,055 | $1,055 | $1,055 |
Source: Ownwell