Toronto, Kansas Property Taxes
The median property tax rate in Toronto, KS is 1.92%, significantly higher than both the national median of 0.99% and the Kansas state median of 1.43%. With the median home value in Toronto at $66,660, the typical annual property tax bill reaches $1,503, surpassing the national median of $2,690. Property taxes in Toronto 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 Toronto'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 Toronto 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
Toronto, Kansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.92%
Estimate Property Tax Bill
$1,280
Ownwell’s Toronto Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Toronto with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Toronto 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 Toronto, Kansas
Property taxes in Toronto, Kansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Toronto is 1.92%, significantly higher than the U.S. national median of 0.99%. Local government entities within Toronto set these rates annually, and they can vary significantly across different neighborhoods. Each year, Toronto 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 Toronto's effective property tax rate to other areas in Kansas and the national median. For comparison, the 66777 zip code has the highest median property tax rate of 1.92%, while the same zip code also has the lowest median tax rate of 1.92%. Understanding how these cities compare with Toronto provides valuable insights into the varying tax landscape across Greenwood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Toronto Tax Rate
1.92%
Average Greenwood County Tax Rate
2.02%
Average Kansas Tax Rate
1.43%
Average United States Tax Rate
0.99%
Property Tax Rates Across Toronto, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66777 | 1.53% | 1.69% | 1.92% | 2.29% | 3.15% |
Source: Ownwell
Property Tax Assessment Values Across Toronto, Kansas
In Toronto, 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 Greenwood 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 Toronto, 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 Toronto helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Toronto is $1,503 in the 66777 zip code, while the lowest median tax bill is also $1,503 in the same zip code.
Average Toronto Assessed Value
$66,660
Average Greenwood County Assessed Value
$39,700
Average Kansas Assessed Value
$156,260
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Toronto, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66777 | $29,116 | $38,900 | $66,660 | $133,815 | $250,386 |
Source: Ownwell
Property Tax Bills Across Toronto, Kansas
In Toronto, KS, located in Greenwood County, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in the area is $66,660. Property taxes are determined by multiplying the assessed value of the property by the local tax rate. This tax rate is applied uniformly, but the actual tax bill can vary significantly depending on the property's value. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Toronto can expect to pay property taxes that fall within a range, with the 25th percentile tax bill being $698 and the 75th percentile tax bill reaching $2,921. For those at the higher end, the 90th percentile tax bill is $5,611. These figures illustrate the variability in property tax obligations, which can significantly impact homeowners' financial planning and budgeting. Compared to the national median property tax rate of 0.99%, Toronto's property tax rates can present a unique financial landscape for its residents.
Average Toronto Tax Bill
$1,503
Average Greenwood County Tax Bill
$769
Average Kansas Tax Bill
$2,595
Average United States Tax Bill
$2,690
Property Tax Bills Across Toronto, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66777 | $512 | $698 | $1,503 | $2,921 | $5,611 |
Source: Ownwell