Tipton, Kansas Property Taxes
The median property tax rate in Tipton, KS is 1.64%, considerably higher than both the national median of 0.99% and the Kansas state median of 1.43%. With the median home value in Tipton at $89,490, the typical annual property tax bill reaches $1,461, exceeding the national median of $2,690. Property taxes in Tipton 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 Tipton'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 Tipton 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
Tipton, Kansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.64%
Estimate Property Tax Bill
$1,468
Ownwell’s Tipton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tipton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tipton 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 Tipton, Kansas
Property taxes in Tipton, Kansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tipton is 1.64%, significantly higher than the U.S. national median of 0.99%. Local government entities within Tipton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tipton 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 Tipton's effective property tax rate to other counties in Kansas and the national median. For comparison, the zip code 67485 has both the highest and lowest median property tax rate of 1.64%. Understanding how these cities compare with Tipton provides valuable insights into the varying tax landscape across Mitchell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tipton Tax Rate
1.64%
Average Mitchell County Tax Rate
1.74%
Average Kansas Tax Rate
1.43%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tipton, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67485 | 1.19% | 1.41% | 1.64% | 1.86% | 2.91% |
Source: Ownwell
Property Tax Assessment Values Across Tipton, Kansas
In Tipton, 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 Mitchell 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 Tipton, 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 Tipton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Tipton is $1,461 in zip code 67485, while the lowest median tax bill is also $1,461 in the same zip code.
Average Tipton Assessed Value
$89,490
Average Mitchell County Assessed Value
$95,190
Average Kansas Assessed Value
$156,260
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tipton, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67485 | $22,090 | $48,350 | $89,490 | $144,640 | $213,894 |
Source: Ownwell
Property Tax Bills Across Tipton, Kansas
In Tipton, Kansas, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value, reflecting what the property might sell for under current market conditions. For homeowners in Tipton, the median home price is $89,490. The property tax rate in this area is applied to the assessed value to determine the annual tax bill. Several factors influence the tax bill, including the home's location within the county, the specific tax rate set by local authorities, and any applicable exemptions or deductions. For instance, the 25th percentile of tax bills is $938, while the 75th percentile reaches up to $2,349. At the higher end, the 90th percentile tax bill can be as much as $3,529. These variations significantly impact homeowners, affecting their annual financial planning and overall cost of living. Compared to the national median property tax rate of 0.99%, Tipton's tax rates and bills are reflective of the local economic conditions and market values.
Average Tipton Tax Bill
$1,461
Average Mitchell County Tax Bill
$1,504
Average Kansas Tax Bill
$2,595
Average United States Tax Bill
$2,690
Property Tax Bills Across Tipton, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67485 | $308 | $938 | $1,461 | $2,349 | $3,529 |
Source: Ownwell