Peabody, Kansas Property Taxes
The median property tax rate in Peabody, KS is 2.29%, considerably higher than both the national median of 0.99% and the Kansas state median of 1.43%. With the median home value in Peabody at $52,045, the typical annual property tax bill reaches $1,098, exceeding the national median of $2,690. Property taxes in Peabody 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 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
2.29%
Estimate Property Tax Bill
$1,192
$1,106
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 in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Peabody is 2.29%, significantly 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 2.29%, while the same zip code also has the lowest median tax rate of 2.29%. Understanding how these cities compare with Peabody 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 Peabody Tax Rate
2.29%
Average Marion County Tax Rate
2.06%
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 | 1.52% | 1.90% | 2.29% | 2.49% | 3.08% |
Source: Ownwell
Property Tax Assessment Values Across Peabody, Kansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Peabody, Kansas. 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 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. In Peabody, the highest and lowest median tax bills are both recorded at $1,098 in the 66866 zip code, which shows a significant range in property taxes. The median home price stands at $52,045, with tax bills ranging from $565 at the 25th percentile to $3,108 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Peabody Assessed Value
$52,045
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 Peabody, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66866 | $9,133 | $23,300 | $52,045 | $111,115 | $165,930 |
Source: Ownwell
Property Tax Bills Across Peabody, Kansas
In Peabody, located in Marion County, KS, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The county applies a property tax rate to this assessed value to determine the final tax bill. For instance, with a median home price of $52,045, homeowners can expect varying tax bills depending on several factors, including property size, location, and any applicable exemptions. Tax bills in Peabody can range significantly. At the 25th percentile, tax bills are around $565, while at the 75th percentile, they can reach up to $2,117. The highest tax bills, at the 90th percentile, can go as high as $3,108. Compared to the national median property tax rate of 0.99%, Peabody's tax bills reflect local economic conditions and funding needs for public services. For homeowners, understanding these factors is crucial as they directly impact annual financial planning and property-related decisions.
Average Peabody Tax Bill
$1,098
Average Marion County Tax Bill
$1,500
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 | $311 | $565 | $1,098 | $2,117 | $3,108 |
Source: Ownwell