Mount Hope, Kansas Property Taxes
The median property tax rate in Mount Hope, KS is 1.71%, considerably higher than both the national median of 0.99% and the Kansas state median of 1.43%. With the median home value in Mount Hope at $123,585, the typical annual property tax bill reaches $2,324, which is below the national median of $2,690. Property taxes in Mount Hope 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 Mount Hope'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 Mount Hope 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
Mount Hope, Kansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.71%
Estimate Property Tax Bill
$2,113
Ownwell’s MOUNT HOPE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MOUNT HOPE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MOUNT HOPE 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 Mount Hope, Kansas
Property taxes in Mount Hope, Kansas, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Hope is 1.71%, significantly higher than the U.S. national median of 0.99%. Local government entities within Mount Hope set these rates annually, and they can vary across different neighborhoods. Each year, Mount Hope 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 Mount Hope's effective property tax rate to other areas in Kansas and the national median. For comparison, the 67108 zip code has the highest median property tax rate of 1.71%, while the same zip code also has the lowest median tax rate of 1.71%. Understanding how these cities compare with Mount Hope provides valuable insights into the varying tax landscape across Reno County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Hope Tax Rate
1.71%
Average Reno County Tax Rate
1.97%
Average Kansas Tax Rate
1.43%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Hope, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67108 | 1.65% | 1.66% | 1.71% | 1.83% | 2.70% |
Source: Ownwell
Property Tax Assessment Values Across Mount Hope, Kansas
In Mount Hope, 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 Reno 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 Mount Hope, 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 Mount Hope helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $2324.00 in the 67108 zip code, while the lowest is also $2324.00 in the same zip code.
Average Mount Hope Assessed Value
$123,585
Average Reno County Assessed Value
$94,015
Average Kansas Assessed Value
$156,260
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Hope, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67108 | $16,693 | $71,198 | $123,585 | $197,020 | $279,737 |
Source: Ownwell
Property Tax Bills Across Mount Hope, Kansas
In Mount Hope, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is a percentage of the property's market value. Homeowners in Mount Hope can expect their property tax bills to vary significantly, influenced by factors such as property size, location, and any applicable exemptions. For instance, the median home price in Mount Hope is $123,585. Property tax bills can range widely, with the 25th percentile tax bill at $1,341 and the 75th percentile tax bill reaching $3,278. At the higher end, the 90th percentile tax bill can climb to $4,775. These variations highlight how different factors impact the final tax amount. Compared to the national median property tax rate of 0.99%, Mount Hope's property tax bills reflect the specific economic and real estate conditions in the area. Homeowners should be aware of these factors as they can significantly affect their annual financial obligations.
Average Mount Hope Tax Bill
$2,324
Average Reno County Tax Bill
$1,843
Average Kansas Tax Bill
$2,595
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Hope, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67108 | $397 | $1,341 | $2,324 | $3,278 | $4,775 |
Source: Ownwell