Silver Lake, Kansas Property Taxes
The median property tax rate in Silver Lake, KS is 1.51%, considerably higher than both the national median of 0.99% and the Kansas state median of 1.43%. With the median home value in Silver Lake, the typical annual property tax bill reaches $3,077, exceeding the national median of $2,690. Property taxes in Silver Lake 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 Silver Lake'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 Silver Lake 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
Silver Lake, Kansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.51%
Estimate Property Tax Bill
$3,070
$2,849
Ownwell’s Silver Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Silver Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Silver Lake 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 Silver Lake, Kansas
Property taxes in Silver Lake, Kansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Silver Lake is 1.51%, significantly higher than both the Kansas state median and the U.S. national median of 0.99%. Local government entities within Silver Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Silver Lake 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 Silver Lake's effective property tax rate to other counties in Kansas and the national median. For comparison, the 66539 zip code has the highest median property tax rate of 1.51%, while the same zip code also has the lowest median tax rate of 1.51%. Understanding how these cities compare with Silver Lake provides valuable insights into the varying tax landscape across Shawnee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Silver Lake Tax Rate
1.51%
Average Shawnee County Tax Rate
1.48%
Average Kansas Tax Rate
1.43%
Average United States Tax Rate
0.99%
Property Tax Rates Across Silver Lake, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66539 | 1.35% | 1.41% | 1.51% | 1.55% | 1.57% |
Source: Ownwell
Property Tax Assessment Values Across Silver Lake, Kansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Silver Lake, 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 Shawnee 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 Silver Lake, 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 Silver Lake 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 $3,077 in the 66539 zip code, while the lowest median tax bill is also $3,077 in the same zip code.
Average Silver Lake Assessed Value
$203,330
Average Shawnee County Assessed Value
$146,140
Average Kansas Assessed Value
$156,260
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Silver Lake, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66539 | $62,270 | $158,015 | $203,330 | $276,750 | $379,410 |
Source: Ownwell
Property Tax Bills Across Silver Lake, Kansas
In Silver Lake, Shawnee County, KS, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For example, if the median home price is $203,330, the assessed value would be a fraction of this amount, as determined by the state's assessment ratio. The local tax rate is then applied to this assessed value to determine the tax bill. Factors such as property location, improvements, and exemptions can influence the final amount. Homeowners in Silver Lake can expect varying tax bills depending on their property's value and applicable exemptions. The 25th percentile tax bill is around $2,295, while the 75th percentile reaches up to $4,037. For the top 10% of properties, tax bills can be as high as $5,472. These figures are notably higher than the national median property tax rate of 0.99%, reflecting the specific economic and policy conditions in Shawnee County. Understanding these factors can help homeowners better anticipate their tax obligations and financial planning.
Average Silver Lake Tax Bill
$3,077
Average Shawnee County Tax Bill
$2,160
Average Kansas Tax Bill
$2,595
Average United States Tax Bill
$2,690
Property Tax Bills Across Silver Lake, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66539 | $1,054 | $2,295 | $3,077 | $4,037 | $5,472 |
Source: Ownwell