Overbrook, Kansas Property Taxes
The median property tax rate in Overbrook, KS is 1.37%, which is significantly higher than the national median of 0.99% but slightly below the Kansas state median of 1.43%. With a median home value in Overbrook of $189,020, the typical annual property tax bill amounts to $2,032, which is below the national median of $2,690. Property taxes in Overbrook are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Overbrook'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 Overbrook 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
Overbrook, 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 Overbrook Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Overbrook with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Overbrook 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 Overbrook, Kansas
Property taxes in Overbrook, Kansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Overbrook is 1.37%, significantly higher than the U.S. national median of 0.99%. Local government entities within Overbrook set these rates annually, and they can vary significantly across different neighborhoods. Each year, Overbrook 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 Overbrook's effective property tax rate to other counties in Kansas and the national median. For comparison, the zip code 66524 has both the highest and lowest median property tax rate of 1.37%. Understanding how these cities compare with Overbrook 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 Overbrook Tax Rate
1.37%
Average Franklin County Tax Rate
1.76%
Average Kansas Tax Rate
1.43%
Average United States Tax Rate
0.99%
Property Tax Rates Across Overbrook, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66524 | 1.24% | 1.31% | 1.37% | 1.41% | 1.53% |
Source: Ownwell
Property Tax Assessment Values Across Overbrook, Kansas
In Overbrook, 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 Overbrook, 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 Overbrook helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 66524, with a median tax bill of $2,032.
Average Overbrook Assessed Value
$189,020
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 Overbrook, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66524 | $85,940 | $125,285 | $189,020 | $227,385 | $258,140 |
Source: Ownwell
Property Tax Bills Across Overbrook, Kansas
In Overbrook, located in Franklin County, KS, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor's office, which evaluates the property's market value and applies an assessment ratio. For residential properties in Kansas, the assessment ratio is typically 11.5% of the market value. For instance, if a home's market value is $189,020, its assessed value would be approximately $21,737. Once the assessed value is established, the property tax rate, known as the mill levy, is applied. This rate is set by local taxing authorities, including the county, city, and school districts. Homeowners in Overbrook can expect their tax bills to vary significantly. The 25th percentile tax bill is around $1,377, while the 75th percentile reaches $2,771, and the 90th percentile climbs to $3,945. These taxes fund essential public services such as education, infrastructure, and emergency services, directly impacting the quality of life for residents.
Average Overbrook Tax Bill
$2,032
Average Franklin County Tax Bill
$2,728
Average Kansas Tax Bill
$2,595
Average United States Tax Bill
$2,690
Property Tax Bills Across Overbrook, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66524 | $863 | $1,377 | $2,032 | $2,771 | $3,945 |
Source: Ownwell