Lane, Kansas Property Taxes
The median property tax rate in Lane, KS is 1.00%, slightly above the national median of 0.99% but lower than the Kansas state median of 1.43%. With a median home value in Lane of $267,840, the typical annual property tax bill amounts to $2,739, just above the national median of $2,690. Property taxes in Lane are based on the tax assessed value, which is typically lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Lane'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 Lane 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
Lane, Kansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$2,678
Ownwell’s Lane Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Lane. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Lane to provide an estimated property tax bill. This valuable tool helps you understand your potential tax liabilities with ease. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and may include applicable exemptions.
Property Tax Rates Across Lane, Kansas
Property taxes in Lane, Kansas, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lane is 1.00%, slightly higher than the U.S. national median of 0.99%. Local government entities within Lane set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lane 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 Lane's effective property tax rate to other counties in Kansas and the national median. For comparison, the zip code 66042 has the highest median property tax rate of 1.00%, while the same zip code also has the lowest median tax rate of 1.00%. Understanding how these cities compare with Lane provides valuable insights into the varying tax landscape across Miami County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lane Tax Rate
1.00%
Average Miami County Tax Rate
1.07%
Average Kansas Tax Rate
1.43%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lane, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66042 | 0.81% | 0.96% | 1.00% | 1.07% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Lane, Kansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lane, 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 Miami 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 Lane, 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 Lane helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 66042 has both the highest and lowest median tax bill, valued at $2739.
Average Lane Assessed Value
$267,840
Average Miami County Assessed Value
$304,800
Average Kansas Assessed Value
$156,260
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lane, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66042 | $94,654 | $201,010 | $267,840 | $342,635 | $448,548 |
Source: Ownwell
Property Tax Bills Across Lane, Kansas
In LANE, located in Miami County, KS, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The assessment rate in Kansas is typically 11.5% for residential properties. For example, a home with a market value of $267,840 would have an assessed value of approximately $30,801. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, any applicable exemptions, and the specific tax rate set by local authorities. In LANE, property tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $1,951, while at the 75th percentile, it rises to $3,504, and at the 90th percentile, it reaches $4,515. These variations can impact homeowners' financial planning and affordability, making it essential to understand how these taxes are calculated and what factors contribute to the final amount.
Average Lane Tax Bill
$2,739
Average Miami County Tax Bill
$3,311
Average Kansas Tax Bill
$2,595
Average United States Tax Bill
$2,690
Property Tax Bills Across Lane, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66042 | $975 | $1,951 | $2,739 | $3,504 | $4,515 |
Source: Ownwell