Olmitz, Kansas Property Taxes
The median property tax rate in Olmitz, KS is 1.56%, considerably higher than both the national median of 0.99% and the Kansas state median of 1.43%. With the median home value in Olmitz, the typical annual property tax bill reaches $1,428, exceeding the national median of $2,690. Property taxes in Olmitz 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 Olmitz'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 Olmitz 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
Olmitz, Kansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.56%
Estimate Property Tax Bill
$1,276
Ownwell’s Olmitz Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Olmitz with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Olmitz 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 Olmitz, Kansas
Property taxes in Olmitz, Kansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Olmitz is 1.56%, significantly higher than the U.S. national median of 0.99%. Local government entities within Olmitz set these rates annually, and they can vary significantly across different neighborhoods. Each year, Olmitz 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 Olmitz's effective property tax rate to other counties in Kansas and the national median. For comparison, the 67564 zip code has the highest median property tax rate of 1.56%, while the 67564 zip code also has the lowest median tax rate of 1.56%. Understanding how these cities compare with Olmitz provides valuable insights into the varying tax landscape across Barton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Olmitz Tax Rate
1.56%
Average Barton County Tax Rate
1.84%
Average Kansas Tax Rate
1.43%
Average United States Tax Rate
0.99%
Property Tax Rates Across Olmitz, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67564 | 1.42% | 1.47% | 1.56% | 2.24% | 2.94% |
Source: Ownwell
Property Tax Assessment Values Across Olmitz, Kansas
In OLMITZ, 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 Barton 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 OLMITZ, 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 OLMITZ helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,428, found in the zip code 67564.
Average Olmitz Assessed Value
$81,800
Average Barton County Assessed Value
$86,600
Average Kansas Assessed Value
$156,260
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Olmitz, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67564 | $13,904 | $41,980 | $81,800 | $118,670 | $208,542 |
Source: Ownwell
Property Tax Bills Across Olmitz, Kansas
In Olmitz, KS, located in Barton County, property tax bills are calculated based on the assessed value of a homeowner's property. The assessment is typically a percentage of the property's market value, which is determined by the county assessor. For instance, with a median home price of $81,800, the assessed value is a fraction of this amount, and the local tax rate is then applied to this assessed value to calculate the tax bill. Several factors influence the tax bill, including the property's market value, any applicable exemptions, and the local tax rate. Homeowners in Olmitz can expect varying tax bills; the 25th percentile tax bill is $713, while the 75th percentile reaches $2,601. The 90th percentile tax bill can be as high as $4,349. Comparatively, the highest and lowest median tax bills in the area are both $1,428, indicating a relatively uniform tax rate within the zip code 67564. These property taxes play a significant role for homeowners, impacting their annual expenses and overall financial planning. Understanding how these taxes are calculated can help homeowners better prepare and manage their budgets.
Average Olmitz Tax Bill
$1,428
Average Barton County Tax Bill
$1,617
Average Kansas Tax Bill
$2,595
Average United States Tax Bill
$2,690
Property Tax Bills Across Olmitz, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67564 | $198 | $713 | $1,428 | $2,601 | $4,349 |
Source: Ownwell