Peabody, Kansas Property Taxes
The median property tax rate in Peabody, Kansas is 1.37%, which is higher than the national median of 0.99% but slightly below the Kansas state median of 1.43%. With a median home value of $179,240 in Peabody, the typical annual property tax bill is $2,669, just under the national median of $2,690. Property taxes in Peabody are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Peabody'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 Peabody 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
Peabody, Kansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$2,456
$2,279
Ownwell’s Peabody Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Peabody with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Peabody 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 Peabody, Kansas
Property taxes in Peabody, Kansas, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Peabody is 1.37%, notably higher than both the Kansas state median and the U.S. national median of 0.99%. Local government entities within Peabody set these rates annually, and they can vary significantly across different neighborhoods. Each year, Peabody 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 Peabody's effective property tax rate to other counties in Kansas and the national median. For comparison, the 66866 zip code has the highest median property tax rate of 1.37%, while the 66866 zip code also has the lowest median tax rate of 1.37%. Understanding how these cities compare with Peabody provides valuable insights into the varying tax landscape across Harvey County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Peabody Tax Rate
1.37%
Average Harvey County Tax Rate
1.99%
Average Kansas Tax Rate
1.43%
Average United States Tax Rate
0.99%
Property Tax Rates Across Peabody, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66866 | 1.28% | 1.33% | 1.37% | 1.47% | 1.69% |
Source: Ownwell
Property Tax Assessment Values Across Peabody, Kansas
In Peabody, 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 local 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 Peabody, 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 Peabody helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $2,669 in zip code 66866.
Average Peabody Assessed Value
$179,240
Average Harvey County Assessed Value
$132,235
Average Kansas Assessed Value
$156,260
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Peabody, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66866 | $62,175 | $105,535 | $179,240 | $278,070 | $364,415 |
Source: Ownwell
Property Tax Bills Across Peabody, Kansas
In Peabody, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, the median home price in Peabody is $179,240. The property tax rate in Peabody results in a median tax bill that can range significantly. Homeowners in the 25th percentile can expect to pay around $1,319 annually, while those in the 75th percentile might see bills as high as $3,966. At the 90th percentile, tax bills can reach up to $5,059. The highest and lowest median tax bills in the area are both $2,669, indicating a level of consistency within certain zip codes. Compared to the national median property tax rate of 0.99%, Peabody's rate can significantly impact homeowners, affecting their overall cost of living and financial planning. Understanding these factors is crucial for homeowners to manage their expenses effectively.
Average Peabody Tax Bill
$2,669
Average Harvey County Tax Bill
$2,442
Average Kansas Tax Bill
$2,595
Average United States Tax Bill
$2,690
Property Tax Bills Across Peabody, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66866 | $794 | $1,319 | $2,669 | $3,966 | $5,059 |
Source: Ownwell