Colby, Kansas Property Taxes
The median property tax rate in Colby, KS is 1.59%, considerably higher than both the national median of 0.99% and the Kansas state median of 1.43%. With the median home value in Colby at $136,190, the typical annual property tax bill reaches $2,099, which is still below the national median of $2,690. Property taxes in Colby 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 Colby'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 Colby or another part of Thomas County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Colby, Kansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.59%
Estimate Property Tax Bill
$2,165
Ownwell’s Colby Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Colby with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Colby 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 Colby, Kansas
Property taxes in Colby, Kansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Colby is 1.59%, significantly higher than both the Kansas state median and the U.S. national median of 0.99%. Local government entities within Colby set these rates annually, and they can vary significantly across different neighborhoods. Each year, Colby 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 Colby's effective property tax rate to other counties in Kansas and the national median. For comparison, the zip code 67701 has the highest median property tax rate of 1.59%, while the same zip code also has the lowest median tax rate of 1.59%. Understanding how these cities compare with Colby provides valuable insights into the varying tax landscape across Thomas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Colby Tax Rate
1.59%
Average Thomas County Tax Rate
1.59%
Average Kansas Tax Rate
1.43%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colby, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67701 | 1.26% | 1.49% | 1.59% | 1.64% | 1.69% |
Source: Ownwell
Property Tax Assessment Values Across Colby, Kansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Colby, 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 Thomas 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 Colby, 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. For instance, the median home price in Colby is $136,190, with tax bills ranging from $1,332 at the 25th percentile to $2,987 at the 75th percentile, and up to $4,382 at the 90th percentile. 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 Colby helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Colby Assessed Value
$136,190
Average Thomas County Assessed Value
$124,550
Average Kansas Assessed Value
$156,260
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Colby, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67701 | $50,112 | $85,100 | $136,190 | $192,005 | $297,000 |
Source: Ownwell
Property Tax Bills Across Colby, Kansas
In Colby, located in Thomas County, KS, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the county assessor and is a percentage of the property's market value. For homeowners in Colby, the median home price is $136,190. Property tax rates in Thomas County are applied to this assessed value to determine the annual tax bill. Factors such as property improvements, changes in market conditions, and neighborhood developments can influence the assessed value. Homeowners in Colby can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $1,332, while at the 75th percentile, it rises to $2,987. The 90th percentile tax bill can reach up to $4,382. These variations mean that homeowners with higher-valued properties or those living in areas with higher tax rates will face larger tax bills. Compared to the national median property tax rate of 0.99%, the property taxes in Colby reflect the unique economic and market conditions of the region.
Average Colby Tax Bill
$2,099
Average Thomas County Tax Bill
$1,936
Average Kansas Tax Bill
$2,595
Average United States Tax Bill
$2,690
Property Tax Bills Across Colby, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67701 | $752 | $1,332 | $2,099 | $2,987 | $4,382 |
Source: Ownwell