Latham, Kansas Property Taxes
The median property tax rate in Latham, KS is 2.49%, significantly higher than both the national median of 0.99% and the Kansas state median of 1.43%. With a median home value of $124,190 in Latham, the typical annual property tax bill amounts to $3,110, exceeding the national median of $2,690. Property taxes in Latham are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Latham'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 Latham 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
Latham, Kansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.49%
Estimate Property Tax Bill
$3,092
Ownwell’s Latham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Latham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Latham 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 Latham, Kansas
Property taxes in Latham, Kansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Latham is 2.49%, significantly higher than both the Kansas state median and the U.S. national median of 0.99%. Local government entities within Latham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Latham 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 Latham's effective property tax rate to other areas in Kansas and the national median. For comparison, the 67072 zip code has the highest median property tax rate of 2.49%, while the same zip code also has the lowest median tax rate of 2.49%. Understanding how these areas compare with Latham provides valuable insights into the varying tax landscape across Cowley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Latham Tax Rate
2.49%
Average Cowley County Tax Rate
1.69%
Average Kansas Tax Rate
1.43%
Average United States Tax Rate
0.99%
Property Tax Rates Across Latham, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67072 | 1.67% | 1.83% | 2.49% | 2.94% | 3.33% |
Source: Ownwell
Property Tax Assessment Values Across Latham, Kansas
In Latham, 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 Cowley 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 Latham, 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 Latham 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 67072, with a median tax bill of $3,110, while the lowest is also 67072, indicating a uniform tax bill across the area.
Average Latham Assessed Value
$124,190
Average Cowley County Assessed Value
$83,900
Average Kansas Assessed Value
$156,260
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Latham, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67072 | $29,340 | $66,312 | $124,190 | $222,650 | $259,975 |
Source: Ownwell
Property Tax Bills Across Latham, Kansas
In Latham, KS, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as the property's location, size, and any improvements made can influence its assessed value. For example, the median home price in Latham is $124,190. Homeowners in Latham can expect their property tax bills to vary significantly. At the lower end, the 25th percentile tax bill is around $1,692, while those at the higher end, in the 75th percentile, might pay approximately $4,902. The 90th percentile tax bill can go up to $5,694. These variations affect homeowners differently, with some facing higher financial burdens than others. Comparing this to the national median property tax rate of 0.99%, Latham's property tax rates may present a range of financial impacts on its residents, influencing decisions about purchasing, selling, or making improvements to their homes.
Average Latham Tax Bill
$3,110
Average Cowley County Tax Bill
$1,388
Average Kansas Tax Bill
$2,595
Average United States Tax Bill
$2,690
Property Tax Bills Across Latham, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67072 | $978 | $1,692 | $3,110 | $4,902 | $5,694 |
Source: Ownwell