Frankfort, Kansas Property Taxes
The median property tax rate in Frankfort, KS is 1.23%, which is higher than the national median of 0.99% but lower than the Kansas state median of 1.43%. With a median home value of $128,725 in Frankfort, the typical annual property tax bill amounts to $2,064, which is below the national median of $2,690. Property taxes here are calculated based on the assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. 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
1.23%
Estimate Property Tax Bill
$1,583
Ownwell’s Frankfort Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Frankfort with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Frankfort 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 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 1.23%, higher than both the Kansas state median and 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 66427 zip code has the highest median property tax rate of 1.23%, while the 66427 zip code also has the lowest median tax rate of 1.23%. Understanding how these cities compare with Frankfort provides valuable insights into the varying tax landscape across Pottawatomie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Frankfort Tax Rate
1.23%
Average Pottawatomie County Tax Rate
1.01%
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 | 0.95% | 1.07% | 1.23% | 2.11% | 2.22% |
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 Pottawatomie 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. 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 Frankfort helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Frankfort is $128,725, with the highest and lowest median tax bills both being $2,064 in zip code 66427.
Average Frankfort Assessed Value
$128,725
Average Pottawatomie County Assessed Value
$216,600
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 | $91,605 | $102,122 | $128,725 | $195,335 | $227,835 |
Source: Ownwell
Property Tax Bills Across Frankfort, Kansas
In Frankfort, Pottawatomie County, KS, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor's office and is typically a percentage of the market value of the property. Various factors such as property size, location, and improvements are considered in this assessment. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Frankfort, the median home price is $128,725. Property tax bills can vary significantly, with the 25th percentile paying around $1,272 annually, while those in the 75th percentile face bills closer to $2,531. At the 90th percentile, tax bills can reach up to $3,406. The highest and lowest median tax bills in the area both stand at $2,064, highlighting the range of property taxes that residents might encounter. These tax bills can significantly impact homeowners' annual budgets, making it essential to understand how they are calculated and what factors influence them.
Average Frankfort Tax Bill
$2,064
Average Pottawatomie County Tax Bill
$2,156
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 | $952 | $1,272 | $2,064 | $2,531 | $3,406 |
Source: Ownwell