Silver Lake, Kansas Property Taxes
The median property tax rate in Silver Lake, KS is 1.23%, 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 $174,820, the typical annual property tax bill in Silver Lake reaches $2,010, surpassing the national median of $2,690. Property taxes in Silver Lake are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Silver Lake'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 Silver Lake 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
Silver Lake, Kansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$2,150
Ownwell’s Silver Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Silver Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Silver Lake 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 Silver Lake, Kansas
Property taxes in Silver Lake, Kansas, play a critical role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Silver Lake is 1.23%, which is notably higher than both the Kansas state median and the U.S. national median of 0.99%. Local government entities within Silver Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Silver Lake 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 Silver Lake's effective property tax rate to other counties in Kansas and the national median. For comparison, the 66539 zip code has the highest median property tax rate of 1.23%, while the same zip code also has the lowest median tax rate of 1.23%. Understanding how these cities compare with Silver Lake provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Silver Lake Tax Rate
1.23%
Average Jackson County Tax Rate
1.48%
Average Kansas Tax Rate
1.43%
Average United States Tax Rate
0.99%
Property Tax Rates Across Silver Lake, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66539 | 1.13% | 1.15% | 1.23% | 1.33% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Silver Lake, Kansas
In Silver Lake, 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 Jackson 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 Silver Lake, 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 Silver Lake is $174,820, with property tax bills ranging from $1,467 at the 25th percentile to $3,068 at the 90th percentile. The zip code 66539 has the highest and lowest median tax bill of $2,010. By understanding 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 Silver Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Silver Lake Assessed Value
$174,820
Average Jackson County Assessed Value
$133,885
Average Kansas Assessed Value
$156,260
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Silver Lake, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66539 | $105,150 | $125,730 | $174,820 | $188,592 | $216,410 |
Source: Ownwell
Property Tax Bills Across Silver Lake, Kansas
In Silver Lake, Jackson County, KS, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in Silver Lake is $174,820, and the property tax rate is applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including property location, size, and any applicable exemptions or deductions. Homeowners in Silver Lake experience varying tax bills depending on these factors. For instance, the 25th percentile of tax bills is around $1,467, while the 75th percentile reaches $2,599. At the 90th percentile, homeowners might see tax bills as high as $3,068. Comparatively, the highest and lowest median tax bills in the area are both $2,010, indicating some consistency within the zip code 66539. These property taxes significantly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, ensuring the community's well-being and development.
Average Silver Lake Tax Bill
$2,010
Average Jackson County Tax Bill
$1,989
Average Kansas Tax Bill
$2,595
Average United States Tax Bill
$2,690
Property Tax Bills Across Silver Lake, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66539 | $1,186 | $1,467 | $2,010 | $2,599 | $3,068 |
Source: Ownwell