Princeton, Kansas Property Taxes
The median property tax rate in Princeton, Kansas is 1.34%, which is higher than both the national median of 0.99% and the Kansas state median of 1.43%. With a median home value of $169,430 in Princeton, the typical annual property tax bill amounts to $2,246, slightly below the national median of $2,690. Property taxes in Princeton are calculated based on the tax assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Princeton's property tax system, exploring available exemptions, and identifying reduction opportunities can lead to significant annual savings. Whether you're in the heart of Princeton or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Princeton, Kansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.34%
Estimate Property Tax Bill
$2,270
$2,107
Ownwell’s Princeton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Princeton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Princeton 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 Princeton, Kansas
Property taxes in Princeton, Kansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Princeton stands at 1.34%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Princeton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Princeton 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 Princeton's effective property tax rate to other counties in Kansas and the national median. For comparison, the 66078 zip code has the highest median property tax rate of 1.34%, while also having the lowest median tax rate of 1.34%. Understanding how these cities compare with Princeton 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 Princeton Tax Rate
1.34%
Average Franklin County Tax Rate
1.76%
Average Kansas Tax Rate
1.43%
Average United States Tax Rate
0.99%
Property Tax Rates Across Princeton, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66078 | 1.20% | 1.25% | 1.34% | 1.42% | 1.81% |
Source: Ownwell
Property Tax Assessment Values Across Princeton, Kansas
In Princeton, 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 Princeton, 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 Princeton is $169,430, with tax bills ranging from $1,324 at the 25th percentile to $4,245 at the 90th percentile. The zip code 66078 has the highest and lowest median tax bill at $2,246. 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 Princeton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Princeton Assessed Value
$169,430
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 Princeton, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66078 | $51,092 | $101,040 | $169,430 | $241,090 | $306,962 |
Source: Ownwell
Property Tax Bills Across Princeton, Kansas
In Princeton, located in Franklin County, KS, property tax bills are calculated based on the assessed value of the home, which is determined by the county assessor. The assessed value is a percentage of the market value, reflecting the property's current worth. This value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as property improvements, neighborhood trends, and market conditions play a significant role in determining the assessed value. Homeowners in Princeton face a median property tax bill that varies significantly. For instance, the 25th percentile tax bill is $1,324, while the 75th percentile reaches $3,182, and the 90th percentile climbs to $4,245. This range indicates how property values and tax rates can impact the overall tax burden. Compared to the national median property tax rate of 0.99%, homeowners in Princeton might experience different financial implications based on their property's assessed value. Understanding these factors helps homeowners anticipate their annual tax obligations and plan accordingly.
Average Princeton Tax Bill
$2,246
Average Franklin County Tax Bill
$2,728
Average Kansas Tax Bill
$2,595
Average United States Tax Bill
$2,690
Property Tax Bills Across Princeton, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66078 | $640 | $1,324 | $2,246 | $3,182 | $4,245 |
Source: Ownwell