Beloit, Kansas Property Taxes
The median property tax rate in Beloit, KS is 1.76%, considerably higher than both the national median of 0.99% and the Kansas state median of 1.43%. With the median home value in Beloit, the typical annual property tax bill reaches $1,855, which is below the national median of $2,690. Property taxes in Beloit are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Beloit'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 Beloit 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
Beloit, Kansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.76%
Estimate Property Tax Bill
$1,925
$1,787
Ownwell’s Beloit Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Beloit with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Beloit 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 Beloit, Kansas
Property taxes in Beloit, Kansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Beloit is 1.76%, significantly higher than both the Kansas state median and the U.S. national median of 0.99%. Local government entities within Beloit set these rates annually, and they can vary significantly across different neighborhoods. Each year, Beloit 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 Beloit's effective property tax rate to other counties in Kansas and the national median. For comparison, the 67420 zip code has the highest median property tax rate of 1.76%, while the same zip code also has the lowest median tax rate of 1.76%. Understanding how these cities compare with Beloit provides valuable insights into the varying tax landscape across Mitchell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Beloit Tax Rate
1.76%
Average Mitchell County Tax Rate
1.74%
Average Kansas Tax Rate
1.43%
Average United States Tax Rate
0.99%
Property Tax Rates Across Beloit, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67420 | 1.28% | 1.52% | 1.76% | 2.01% | 2.42% |
Source: Ownwell
Property Tax Assessment Values Across Beloit, Kansas
In Beloit, 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 local 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 Beloit, 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 Beloit helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in zip code 67420 are both $1,855.
Average Beloit Assessed Value
$109,400
Average Mitchell County Assessed Value
$95,190
Average Kansas Assessed Value
$156,260
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Beloit, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67420 | $30,982 | $63,170 | $109,400 | $175,015 | $251,220 |
Source: Ownwell
Property Tax Bills Across Beloit, Kansas
In Beloit, located in Mitchell County, KS, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Various factors such as property size, location, and improvements contribute to this assessment. Homeowners in Beloit can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is around $1,024, while the 75th percentile tax bill jumps to $3,130, and the 90th percentile reaches $4,445. This wide range illustrates the diversity in property values and assessments within the city. Compared to the national median property tax rate of 0.99%, Beloit's tax rates can be quite impactful on homeowners, influencing their overall cost of living. The highest and lowest median tax bills in Beloit both stand at $1,855, indicating some consistency in certain areas. Understanding these factors helps homeowners anticipate and manage their property tax responsibilities effectively.
Average Beloit Tax Bill
$1,855
Average Mitchell County Tax Bill
$1,504
Average Kansas Tax Bill
$2,595
Average United States Tax Bill
$2,690
Property Tax Bills Across Beloit, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67420 | $528 | $1,024 | $1,855 | $3,130 | $4,445 |
Source: Ownwell