Olathe, Morgan County, Missouri Property Taxes
The median property tax rate in Olathe, MO is 0.91%, slightly lower than the national median of 0.99% and significantly below the Missouri state median of 1.20%. With the median home value in Olathe, the typical annual property tax bill reaches $41, well below the national median of $2,690. Property taxes in Olathe are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Olathe'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 Olathe 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
Olathe, Morgan County, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$37
$35
Ownwell’s Olathe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Olathe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Olathe 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 Olathe, Morgan County, Missouri
Property taxes in Olathe, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Olathe is 0.91%, which is slightly below the U.S. national median of 0.99%. Local government entities within Olathe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Olathe 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 Olathe's effective property tax rate to other counties in Missouri and the national median. For comparison, the zip code 66062 has both the highest and lowest median property tax rate of 0.91%. Understanding how these areas compare with Olathe provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Olathe Tax Rate
0.91%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Olathe, Morgan County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66062 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Olathe, Morgan County, Missouri
In Olathe, Missouri, 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 Morgan County Assessor's Office 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 Olathe, 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. The zip codes with the highest and lowest tax bills in Olathe are 554 and 36, respectively. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Olathe, Morgan County, Missouri
Source: Ownwell
$1,750
$74,875
$148,000
Average Olathe Assessed Value
$4,100
Average Morgan County Assessed Value
$49,350
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Olathe, Morgan County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66062 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Olathe, Morgan County, Missouri
In Olathe, located in Morgan County, MO, property tax bills are determined by several key factors. The primary component is the assessed value of the property, which is a percentage of the market value. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Olathe, the median home price is $4,100, which significantly influences the tax bill. The 25th percentile of property tax bills in Olathe is $36, while the 75th percentile reaches up to $223. At the higher end, the 90th percentile of tax bills is $554. These figures indicate a range of tax burdens, reflecting variations in property values and applicable exemptions. Compared to the national median property tax rate of 0.99%, the tax rates in Olathe can result in relatively manageable tax bills for many homeowners. However, the impact on individual homeowners varies based on the specific assessed value of their property and any qualifying exemptions. This system ensures that property taxes are proportionate to the value of one's property, providing a fair distribution of the tax burden across the community.
Average Olathe Tax Bill
$41
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Olathe, Morgan County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66062 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell