Gem, Kansas Property Taxes
The median property tax rate in GEM, KS is 1.42%, slightly lower than the Kansas state median of 1.43% but still higher than the national median of 0.99%. With a median home value of $53,740 in GEM, the typical annual property tax bill amounts to $795, which is significantly below the national median of $2,690. Property taxes in GEM are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding GEM'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 GEM or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gem, Kansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.42%
Estimate Property Tax Bill
$763
Ownwell’s GEM Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in GEM with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in GEM 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 Gem, Kansas
Property taxes in GEM, Kansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in GEM is 1.42%, higher than both the Kansas state median and the U.S. national median of 0.99%. Local government entities within GEM set these rates annually, and they can vary significantly across different neighborhoods. Each year, GEM 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 GEM's effective property tax rate to other counties in Kansas and the national median. For comparison, the 67734 zip code has the highest median property tax rate of 1.42%, while the 67734 zip code has the lowest median tax rate of 1.42%. Understanding how these cities compare with GEM 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 Gem Tax Rate
1.42%
Average Thomas County Tax Rate
1.59%
Average Kansas Tax Rate
1.43%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gem, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67734 | 0.62% | 1.10% | 1.42% | 1.51% | 1.75% |
Source: Ownwell
Property Tax Assessment Values Across Gem, Kansas
In GEM, 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 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 GEM, 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 GEM is $53,740, with tax bills ranging from $236 at the 25th percentile to $3,403 at the 90th percentile. The zip code with the highest median tax bill is 67734, at $795. 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 GEM helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gem Assessed Value
$53,740
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 Gem, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67734 | $5,242 | $19,930 | $53,740 | $116,840 | $225,162 |
Source: Ownwell
Property Tax Bills Across Gem, Kansas
In GEM, located in Thomas County, KS, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The median home price in this area is $53,740. Homeowners can expect their property taxes to vary significantly, with the 25th percentile tax bill at $236 and the 75th percentile reaching up to $1,636. The 90th percentile tax bill can be as high as $3,403. These figures indicate a broad range of property tax responsibilities, influenced by factors such as property size, location, and market conditions. The highest median tax bill in the area is $795, which is notably higher than the national median property tax rate of 0.99%. This variability in tax bills can significantly impact homeowners, potentially affecting their overall housing affordability and financial planning. Understanding these factors can help homeowners in GEM better anticipate their property tax obligations and manage their finances accordingly.
Average Gem Tax Bill
$795
Average Thomas County Tax Bill
$1,936
Average Kansas Tax Bill
$2,595
Average United States Tax Bill
$2,690
Property Tax Bills Across Gem, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67734 | $31 | $236 | $795 | $1,636 | $3,403 |
Source: Ownwell