Lenexa is proposing a lower property tax rate for 2024 but that doesn’t necessarily mean homeowners’ taxes will be going down.
Find Lenexa’s full 2024 proposed budget packet here.
The breakdown: How it could affect your bill?
For 2024, Lenexa has proposed a property tax rate of 27.372 mills, a decrease of .750 mills.
It would be the sixth straight year the city has lowered its property tax rate, as property valuations themselves have ballooned.
The property tax rate, also called the mill levy rate, dictates how much a property owner pays in taxes to the city based on their property’s assessed value.
In Lenexa, the average home value is $439,697, up about 10% from last year.
To calculate what your actual tax bill to the city would be if this budget is approved, you’d multiply the value of your home by .115 (the residential assessment rate).
Then, you’d take that number, divide it by 1,000 and multiply the result by the proposed property tax rate of 27.372.
For the average home in Lenexa, that would mean $1,384.07 in property taxes owed to the city.
In comparison, the average Lenexa homeowner last year paid about $1,290 in property tax to the city, according to the 2023 budget packet.
Remember: Your total property tax bill also includes rates set by other jurisdictions, including the county and school districts.
Lenexa proposes a $224.8M budget for 2024
- The city is proposing a $224.78 million budget for 2024, which is made up of property tax, sales tax and other revenue streams.
- That’s about $20.6 million more than the approved budget for 2023.
- To back that up, the city expects to bring in $45.7 million from property tax (up 5.8%) and $36.2 million in sales tax (up 12.8%).
- Lenexa also estimates it will bring in $14.7 million through its use taxes (up 15%).
Lenexa’s 2024 budget isn’t locked in
- There’s still a ways to go before the city council approves the 2024 budget.
- On July 18, the city council will continue with its budget presentations. This round will focus on proposed budgets for each city department.
- After that, the city plans to hold a budget open house on Aug. 17.
- All of that leads up to Aug. 22, when the city council will be asked to approve the budget.
- Other jurisdictions, including Johnson County, are also working on their 2024 budgets, which means those property tax rates aren’t set either.
More Lenexa news: Lenexa OKs final piece of Old Town activity center project
