Lane, Kansas Property Taxes
The median property tax rate in Lane, KS is 1.29%, notably higher than the national median of 0.99% but lower than the Kansas state median of 1.43%. With the median home value in Lane, the typical annual property tax bill reaches $1,331, which is below the national median of $2,690. Property taxes in Lane are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Lane'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 Lane 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
Lane, Kansas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.43%
Estimate Property Tax Bill
$2,860
Ownwell’s Lane Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lane with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lane 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 Lane, Kansas
Property taxes in Lane, Kansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lane is 1.25%, significantly higher than both the Kansas state median of 1.27% and the U.S. national median of 0.99%. Local government entities within Lane set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lane 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 Lane's effective property tax rate to other counties in Kansas and the national median. For comparison, the highest median property tax rate in the county is 1.25%, while the lowest median tax rate is also 1.25%. Understanding how these cities compare with Lane provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lane Tax Rate
1.29%
Average Franklin County Tax Rate
1.76%
Average Kansas Tax Rate
1.43%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lane, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66042 | 1.16% | 1.21% | 1.29% | 1.31% | 1.41% |
Source: Ownwell
Property Tax Assessment Values Across Lane, Kansas
In Lane, 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 Franklin 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 Lane, 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. For instance, the median home price in Lane is $100,430, with tax bills ranging from $673 at the 25th percentile to $4,116 at the 90th percentile. Notably, the zip code 66042 has both the highest and lowest median tax bill at $1,331. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lane Assessed Value
$100,430
Average Franklin County Assessed Value
$165,700
Average Kansas Assessed Value
$156,260
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lane, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66042 | $24,720 | $53,270 | $100,430 | $198,182 | $328,300 |
Source: Ownwell
Property Tax Bills Across Lane, Kansas
In Lane, KS, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $100,430, homeowners in Lane can expect varying tax bills. At the 25th percentile, the tax bill is approximately $673, while at the 75th percentile, it rises to around $2,627. For those at the 90th percentile, the tax bill can be as high as $4,116. Several factors influence these amounts, including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, homeowners in Lane experience a relatively moderate tax burden. Understanding these factors can help homeowners anticipate their tax obligations and plan accordingly, ensuring they are prepared for the financial responsibilities of property ownership in Lane.
Average Lane Tax Bill
$1,331
Average Franklin County Tax Bill
$2,728
Average Kansas Tax Bill
$2,595
Average United States Tax Bill
$2,690
Property Tax Bills Across Lane, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66042 | $302 | $673 | $1,331 | $2,627 | $4,116 |
Source: Ownwell