In Kansas, property taxes are figured by taking the mill rate and multiplying by the taxable portion of the property’s assessed value. In other words, the mill levy is the “tax rate” that applied to the value of your property. One mill is the equivalent of one dollar per $1,000 of assessed value (or .001 percent).
The mill rate consists of a local portion — used to fund things like schools, the city pool construction, utilities, and other municipal services — as well as a state portion.
The “appraised value” of a home is listed on the notice of value from the county appraiser’s office. Multiply the appraised value by the assessment percentage of 11.5 percent. The resulting amount is the “assessed value,” or the amount multiplied by the mill rate to determine the taxes. In other words, a home with a value of $100,000 would be taxed on 11.5 percent of that value, or $11,500. That sum is then multiplied by the mill rates, both local and state, to figure the property taxes owed. It is important to note that the assessed value of businesses is figured at a higher rate than the 11.5 percent for private homeowners.
The Eudora School District is property-poor — our assessed valuation of $57 million is much lower than most districts in the area. This is because our community lacks the business and industry base that typically makes the biggest boost to assessed valuation.
For example, the school district in Burlington, Kansas, raises the most money of any other district in the state — $480,000 – per mill – because the Wolf Creek Power Plant is located in their district. In Eudora one mill raises just $57,000. This means Eudora taxpayers pay more mills (local property taxes) than most other districts in the state because we raise less money per mill. This is the biggest reason why equalization matters to the future of Eudora Schools.