Minneapolis, Kansas Property Taxes
The median property tax rate in Minneapolis, KS is 1.91%, considerably higher than both the national median of 0.99% and the Kansas state median of 1.43%. With the median home value in Minneapolis, the typical annual property tax bill reaches $1,904, exceeding the national median of $2,690. Property taxes in Minneapolis 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 Minneapolis'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 Minneapolis 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
Minneapolis, Kansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.91%
Estimate Property Tax Bill
$1,989
Ownwell’s Minneapolis Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Minneapolis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Minneapolis 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 Minneapolis, Kansas
Property taxes in Minneapolis, Kansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Minneapolis is 1.91%, significantly higher than the U.S. national median of 0.99%. Local government entities within Minneapolis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Minneapolis 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 Minneapolis's effective property tax rate to other counties in Kansas and the national median. For comparison, the 67467 zip code has both the highest and lowest median property tax rate of 1.91%. Understanding how these cities compare with Minneapolis provides valuable insights into the varying tax landscape across Ottawa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Minneapolis Tax Rate
1.91%
Average Ottawa County Tax Rate
1.87%
Average Kansas Tax Rate
1.43%
Average United States Tax Rate
0.99%
Property Tax Rates Across Minneapolis, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67467 | 1.54% | 1.72% | 1.91% | 2.01% | 2.68% |
Source: Ownwell
Property Tax Assessment Values Across Minneapolis, Kansas
In Minneapolis, 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 Ottawa 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 Minneapolis, 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 Minneapolis helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 67467 has the highest median tax bill at $1,904, which is relatively moderate compared to the national median property tax rate of 0.99%.
Average Minneapolis Assessed Value
$104,125
Average Ottawa County Assessed Value
$109,750
Average Kansas Assessed Value
$156,260
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Minneapolis, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67467 | $15,990 | $54,602 | $104,125 | $168,460 | $242,875 |
Source: Ownwell
Property Tax Bills Across Minneapolis, Kansas
In Minneapolis, Kansas, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, the median home price in Minneapolis is $104,125. The property tax rate in Ottawa County, where Minneapolis is located, is applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. Homeowners in Minneapolis can expect their tax bills to vary significantly. For example, the 25th percentile tax bill is around $1,001, while the 75th percentile tax bill is approximately $3,130. At the higher end, the 90th percentile tax bill reaches $4,490. These variations affect homeowners differently, impacting their annual expenses and potentially influencing decisions about property improvements or sales. Compared to the national median property tax rate of 0.99%, the tax rates in Minneapolis reflect the unique economic and policy landscape of the region.
Average Minneapolis Tax Bill
$1,904
Average Ottawa County Tax Bill
$1,977
Average Kansas Tax Bill
$2,595
Average United States Tax Bill
$2,690
Property Tax Bills Across Minneapolis, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67467 | $355 | $1,001 | $1,904 | $3,130 | $4,490 |
Source: Ownwell