Lost Springs, Kansas Property Taxes
The median property tax rate in Lost Springs, KS is 1.75%, considerably higher than both the national median of 0.99% and the Kansas state median of 1.43%. With the median home value in Lost Springs, the typical annual property tax bill reaches $525, which is significantly lower than the national median of $2,690. Property taxes in Lost Springs are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lost Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Lost Springs or another part of Marion County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lost Springs, Kansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.75%
Estimate Property Tax Bill
$497
$461
Ownwell’s Lost Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lost Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lost Springs 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 Lost Springs, Kansas
Property taxes in Lost Springs, Kansas, are crucial for funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Lost Springs is 1.75%, significantly higher than both the Kansas state median and the U.S. national median of 0.99%. Local government entities in Lost Springs set these rates annually, and they can vary across different neighborhoods. Each year, Lost Springs estimates its required budget to maintain services for the upcoming fiscal year and 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 for setting property tax rates. The data below compares Lost Springs' effective property tax rate to the national median. For comparison, the zip code 66859 has the highest median property tax rate of 1.75%, while the same zip code also has the lowest median tax rate of 1.75%. Understanding how these cities compare with Lost Springs provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lost Springs Tax Rate
1.75%
Average Marion County Tax Rate
2.06%
Average Kansas Tax Rate
1.43%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lost Springs, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66859 | 1.38% | 1.51% | 1.75% | 2.42% | 5.87% |
Source: Ownwell
Property Tax Assessment Values Across Lost Springs, Kansas
In Lost Springs, 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 Marion 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 Lost Springs, 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 Lost Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median tax bill in the 66859 zip code stands at $525.
Average Lost Springs Assessed Value
$28,390
Average Marion County Assessed Value
$76,800
Average Kansas Assessed Value
$156,260
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lost Springs, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66859 | $2,056 | $5,680 | $28,390 | $73,570 | $104,432 |
Source: Ownwell
Property Tax Bills Across Lost Springs, Kansas
In Lost Springs, Kansas, property tax bills are calculated based on the assessed value of a home, which is determined by the Marion County tax assessor. This assessed value is a percentage of the home's market value, and the tax rate is applied to this assessed value to determine the tax bill. For homeowners in Lost Springs, the median home price is $28,390. Several factors influence the final tax bill, including the specific tax rate set by local authorities and any applicable exemptions or deductions. The tax bill can vary significantly; for instance, the 25th percentile tax bill is $219, while the 75th percentile reaches $1,181. At the 90th percentile, homeowners might see a tax bill as high as $2,458. These property taxes fund essential local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, the specific rates in Lost Springs may offer some relief or present a higher burden, depending on the assessed value and applicable exemptions.
Average Lost Springs Tax Bill
$525
Average Marion County Tax Bill
$1,500
Average Kansas Tax Bill
$2,595
Average United States Tax Bill
$2,690
Property Tax Bills Across Lost Springs, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66859 | $36 | $219 | $525 | $1,181 | $2,458 |
Source: Ownwell