Neosho Rapids, Kansas Property Taxes
The median property tax rate in Neosho Rapids, KS is 1.43%, matching the state median but significantly higher than the national median of 0.99%. With a median home value of $89,560 in Neosho Rapids, the typical annual property tax bill reaches $1,253, which is below the national median of $2,690. Property taxes in Neosho Rapids are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Neosho Rapids' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Neosho Rapids or another part of Lyon County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Neosho Rapids, 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 Neosho Rapids Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Neosho Rapids with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Neosho Rapids 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 Neosho Rapids, Kansas
Property taxes in Neosho Rapids, Kansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Neosho Rapids is 1.43%, significantly higher than both the Kansas state median and the U.S. national median of 0.99%. Local government entities within Neosho Rapids set these rates annually, and they can vary significantly across different neighborhoods. Each year, Neosho Rapids 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 Neosho Rapids' effective property tax rate to other counties in Kansas and the national median. For comparison, the zip code 66864 has both the highest and lowest median property tax rate of 1.43%. Understanding how these cities compare with Neosho Rapids provides valuable insights into the varying tax landscape across Lyon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Neosho Rapids Tax Rate
1.43%
Average Lyon County Tax Rate
1.51%
Average Kansas Tax Rate
1.43%
Average United States Tax Rate
0.99%
Property Tax Rates Across Neosho Rapids, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66864 | 1.24% | 1.33% | 1.43% | 1.55% | 1.85% |
Source: Ownwell
Property Tax Assessment Values Across Neosho Rapids, Kansas
In Neosho Rapids, 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 Lyon 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 Neosho Rapids, 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 Neosho Rapids helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,253, found in the 66864 zip code.
Average Neosho Rapids Assessed Value
$89,560
Average Lyon County Assessed Value
$135,800
Average Kansas Assessed Value
$156,260
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Neosho Rapids, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66864 | $7,448 | $25,360 | $89,560 | $160,585 | $262,682 |
Source: Ownwell
Property Tax Bills Across Neosho Rapids, Kansas
In Neosho Rapids, Kansas, property tax bills are calculated based on the assessed value of a property, which is determined by the Lyon County Assessor's Office. The assessed value is a percentage of the property's market value, which is then multiplied by the local tax rate to determine the tax bill. Homeowners in Neosho Rapids typically see tax bills that vary significantly, with the 25th percentile at $394 and the 75th percentile reaching $2,406. At the higher end, the 90th percentile tax bill can be as much as $3,952. The median home price in Neosho Rapids is $89,560, which influences the assessed value and consequently the property tax bill. Compared to the national median property tax rate of 0.99%, homeowners in Neosho Rapids experience a range of tax burdens, depending on their property's assessed value and the specific rates applied by local taxing authorities. This variability affects homeowners differently, impacting their annual financial planning and long-term investment in their properties.
Average Neosho Rapids Tax Bill
$1,253
Average Lyon County Tax Bill
$2,056
Average Kansas Tax Bill
$2,595
Average United States Tax Bill
$2,690
Property Tax Bills Across Neosho Rapids, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66864 | $111 | $394 | $1,253 | $2,406 | $3,952 |
Source: Ownwell