Monument, Kansas Property Taxes
The median property tax rate in Monument, KS is 1.92%, considerably higher than both the national median of 0.99% and the Kansas state median of 1.43%. With the median home value in Monument, the typical annual property tax bill reaches $6,929, exceeding the national median of $2,690. Property taxes in Monument 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 Monument'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 Monument 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
Monument, Kansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.92%
Estimate Property Tax Bill
$6,804
Ownwell’s Monument Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monument with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monument 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 Monument, Kansas
Property taxes in Monument, Kansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monument is 1.92%, significantly higher than both the Kansas state median and the U.S. national median of 0.99%. Local government entities within Monument set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monument 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 Monument's effective property tax rate to other counties in Kansas and the national median. For comparison, the 67747 zip code has the highest median property tax rate of 1.92%, while the 67747 zip code also has the lowest median tax rate of 1.92%. Understanding how these cities compare with Monument 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 Monument Tax Rate
1.92%
Average Thomas County Tax Rate
1.59%
Average Kansas Tax Rate
1.43%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monument, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67747 | 1.73% | 1.80% | 1.92% | 2.05% | 2.12% |
Source: Ownwell
Property Tax Assessment Values Across Monument, Kansas
In Monument, 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 Monument, 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 Monument helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Monument, the zip code with the highest median tax bill is 67747, with a value of $6929. Conversely, the zip code with the lowest median tax bill is also 67747, with the same value of $6929.
Average Monument Assessed Value
$354,380
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 Monument, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67747 | $318,492 | $331,950 | $354,380 | $376,810 | $390,268 |
Source: Ownwell
Property Tax Bills Across Monument, Kansas
In Monument, Thomas County, KS, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The assessment ratio in Kansas is 11.5% of the market value. For instance, a home with a median market value of $354,380 would have an assessed value of approximately $40,754. Property tax rates are then applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including local tax rates, which are determined by various taxing authorities such as the county, school districts, and other municipal entities. For homeowners, this means that property taxes can vary significantly depending on the exact location within the county. For example, tax bills in Monument can range from $6,067 at the 25th percentile to $7,791 at the 75th percentile, with some homeowners paying as much as $8,308 at the 90th percentile. This variation can significantly impact household budgets, making it essential for homeowners to understand how their property taxes are calculated and what factors contribute to their tax obligations.
Average Monument Tax Bill
$6,929
Average Thomas County Tax Bill
$1,936
Average Kansas Tax Bill
$2,595
Average United States Tax Bill
$2,690
Property Tax Bills Across Monument, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67747 | $5,550 | $6,067 | $6,929 | $7,791 | $8,308 |
Source: Ownwell