Palco, Kansas Property Taxes
The median property tax rate in Palco, KS is 1.88%, considerably higher than both the national median of 0.99% and the Kansas state median of 1.43%. With the median home value in Palco at $180,070, the typical annual property tax bill reaches $3,390, exceeding the national median of $2,690. Property taxes in Palco 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 Palco'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 Palco 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
Palco, Kansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.88%
Estimate Property Tax Bill
$3,385
Ownwell’s Palco Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Palco with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Palco 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 Palco, Kansas
Property taxes in Palco, Kansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palco is 1.88%, significantly higher than both the Kansas state median and the U.S. national median of 0.99%. Local government entities within Palco set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palco 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 Palco's effective property tax rate to other counties in Kansas and the national median. For comparison, the 67657 ZIP code has the highest median property tax rate of 1.88%, while the same ZIP code also has the lowest median tax rate of 1.88%. Understanding how these cities compare with Palco provides valuable insights into the varying tax landscape across Trego County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Palco Tax Rate
1.88%
Average Trego County Tax Rate
1.69%
Average Kansas Tax Rate
1.43%
Average United States Tax Rate
0.99%
Property Tax Rates Across Palco, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67657 | 1.88% | 1.88% | 1.88% | 1.88% | 1.88% |
Source: Ownwell
Property Tax Assessment Values Across Palco, Kansas
In Palco, 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 Trego 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 Palco, 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 Palco helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $3390.00, found in the 67657 zip code.
Average Palco Assessed Value
$180,070
Average Trego County Assessed Value
$75,930
Average Kansas Assessed Value
$156,260
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Palco, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67657 | $180,070 | $180,070 | $180,070 | $180,070 | $180,070 |
Source: Ownwell
Property Tax Bills Across Palco, Kansas
In Palco, Kansas, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Palco is $180,070, and the property tax rate in Trego County is notably higher than the national median of 0.99%. Several factors influence the tax bill, including the property's market value, any applicable exemptions, and the specific tax rate set by local authorities. In Palco, the tax bill is consistent across various percentiles, with the 25th, 75th, and 90th percentiles all at $3,390. This uniformity indicates a stable tax environment for homeowners. High property taxes can significantly impact homeowners by increasing the overall cost of homeownership. Conversely, these taxes fund essential public services, such as schools and infrastructure, contributing to the community's well-being. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Palco Tax Bill
$3,390
Average Trego County Tax Bill
$1,206
Average Kansas Tax Bill
$2,595
Average United States Tax Bill
$2,690
Property Tax Bills Across Palco, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67657 | $3,390 | $3,390 | $3,390 | $3,390 | $3,390 |
Source: Ownwell