Rantoul, Kansas Property Taxes
The median property tax rate in Rantoul, KS is 1.28%, which is 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 Rantoul at $154,155, the typical annual property tax bill comes to approximately $1,975, falling below the national median of $2,690. Property taxes in Rantoul are calculated based on the tax assessed value, which is generally lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Rantoul'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 Rantoul 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
Rantoul, Kansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.28%
Estimate Property Tax Bill
$1,973
Ownwell’s Rantoul Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rantoul with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rantoul 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 Rantoul, Kansas
Property taxes in Rantoul, Kansas, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Rantoul is 1.28%, significantly higher than the U.S. national median of 0.99%. Local government entities within Rantoul set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rantoul 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 Rantoul's effective property tax rate to other counties in Kansas and the national median. For comparison, the 66079 zip code has the highest median property tax rate of 1.28%, while the same zip code also has the lowest median tax rate of 1.28%. Understanding how these cities compare with Rantoul 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 Rantoul Tax Rate
1.28%
Average Franklin County Tax Rate
1.76%
Average Kansas Tax Rate
1.43%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rantoul, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66079 | 1.16% | 1.23% | 1.28% | 1.36% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Rantoul, Kansas
In Rantoul, 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 Rantoul, 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. The median home price in Rantoul is $154,155, with tax bills ranging from $1,123 at the 25th percentile to $4,696 at the 90th percentile. The highest and lowest median tax bills are both $1,975, found in zip code 66079. 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 Rantoul helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Rantoul Assessed Value
$154,155
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 Rantoul, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66079 | $41,852 | $86,982 | $154,155 | $230,600 | $364,090 |
Source: Ownwell
Property Tax Bills Across Rantoul, Kansas
In Rantoul, 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. Factors such as property size, location, and improvements can influence the assessed value. The median home price in Rantoul is $154,155, and property tax bills can vary significantly. For instance, homeowners in the 25th percentile pay around $1,123 annually, while those in the 75th percentile face bills of about $3,018. At the 90th percentile, the tax bill can reach up to $4,696. When comparing these figures to the national median property tax rate of 0.99%, it's evident that property taxes in Rantoul can be quite variable. Homeowners must budget accordingly, as these taxes directly impact their annual financial planning. The highest and lowest median tax bills in the area are both $1,975, highlighting the range of tax burdens faced by residents.
Average Rantoul Tax Bill
$1,975
Average Franklin County Tax Bill
$2,728
Average Kansas Tax Bill
$2,595
Average United States Tax Bill
$2,690
Property Tax Bills Across Rantoul, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66079 | $439 | $1,123 | $1,975 | $3,018 | $4,696 |
Source: Ownwell