Frankfort, Kansas Property Taxes
The median property tax rate in Frankfort, KS is 1.57%, considerably higher than both the national median of 0.99% and the Kansas state median of 1.43%. With the median home value in Frankfort, the typical annual property tax bill reaches $1,242, exceeding the national median of $2,690. Property taxes in Frankfort 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 Frankfort'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 Frankfort 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
Frankfort, Kansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.57%
Estimate Property Tax Bill
$1,331
$1,235
Ownwell’s Frankfort Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Frankfort using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Frankfort to provide an estimated property tax bill. This invaluable tool helps you anticipate your potential tax liabilities. For those interested in more granular data, additional neighborhood-level trends are available below. Your property’s assessed value is the value assigned by Marshall County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Frankfort, Kansas
Property taxes in Frankfort, Kansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Frankfort is 1.57%, significantly higher than the U.S. national median of 0.99%. Local government entities within Frankfort set these rates annually, and they can vary significantly across different neighborhoods. Each year, Frankfort 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 Frankfort's effective property tax rate to other counties in Kansas and the national median. For comparison, the zip code 66427 has the highest median property tax rate of 1.57%, while the same zip code also has the lowest median tax rate of 1.57%. Understanding how these cities compare with Frankfort provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Frankfort Tax Rate
1.57%
Average Marshall County Tax Rate
1.65%
Average Kansas Tax Rate
1.43%
Average United States Tax Rate
0.99%
Property Tax Rates Across Frankfort, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66427 | 0.98% | 1.28% | 1.57% | 1.74% | 2.16% |
Source: Ownwell
Property Tax Assessment Values Across Frankfort, Kansas
In Frankfort, 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 Marshall 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 Frankfort, 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. For instance, in Frankfort, the median home price is $84,790, with tax bills ranging from $606 at the 25th percentile to $3,946 at the 90th percentile. The highest and lowest median tax bills are both $1,242 in zip code 66427. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Frankfort Assessed Value
$84,790
Average Marshall County Assessed Value
$92,000
Average Kansas Assessed Value
$156,260
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Frankfort, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66427 | $17,380 | $42,790 | $84,790 | $159,760 | $246,412 |
Source: Ownwell
Property Tax Bills Across Frankfort, Kansas
In Frankfort, KS, within Marshall County, property tax bills are primarily calculated based on the assessed value of a home, which is a percentage of its market value. For instance, the median home price in Frankfort is $84,790. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property location, improvements, and exemptions also play a role in the final calculation. Homeowners in Frankfort can expect a wide range of tax bills. At the 25th percentile, the tax bill is around $606, while at the 75th percentile, it rises to $2,222. Those at the 90th percentile might see tax bills as high as $3,946. Comparatively, the highest median tax bill in Marshall County is $1,242 in the 66427 zip code. These variations significantly impact homeowners, influencing their overall cost of living and financial planning. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Frankfort Tax Bill
$1,242
Average Marshall County Tax Bill
$1,429
Average Kansas Tax Bill
$2,595
Average United States Tax Bill
$2,690
Property Tax Bills Across Frankfort, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66427 | $228 | $606 | $1,242 | $2,222 | $3,946 |
Source: Ownwell