Tax Comparison: Water valley, MS vs Olathe, KS
Understanding Your Tax Burden
This page compares the three main types of taxes between Water valley, MS and Olathe, KS: property tax, income tax, and sales tax. Each of these has a different impact on your overall cost of living.
Property Tax Comparison
Property taxes are collected by local governments and used to fund schools, infrastructure, and other local services. They're typically based on the assessed value of your property.
Our property tax estimates are based on:
- U.S. median home value: $419,200 (2023 data)
- Local effective tax rates for both cities
Water valley, MS
$3,450
Based on a $419,200 home
Rate: 0.8230%
Olathe, KS
$4,835
Based on a $419,200 home
Rate: 1.1533%
| Data | Water valley, MS | Olathe, KS |
|---|---|---|
| Effective Property Tax Rate | 0.8230% | 1.1533% |
| Estimated Property Tax | $3,450 | $4,835 |
| Home Value Used | $419,200 | $419,200 |
Comparison: Property taxes in Water valley, MS are $1,385 lower than in Olathe, KS for the same home value.
State Income Tax Comparison
Income tax rates and brackets vary by state, impacting residents' overall tax burden. The estimates below are based on standard deductions and typical filing scenarios.
Our income tax estimates consider:
- Single filer: $100,000 annual income
- Married couple: $200,000 combined income
- Median income: $80,600 annual income
MS
4.7%
Single: $3,960
Married: $7,128
KS
3.1%-5.7%
Single: $4,524
Married: $8,143
| Data | MS | KS |
|---|---|---|
| Tax Rate | 4.7% | 3.1%-5.7% |
| Single Filer ($100k) | $3,960 | $4,524 |
| Married Couple ($200k) | $7,128 | $8,143 |
| Median Income ($80.6k) | $3,547 | $4,191 |
Comparison: Income taxes in MS are $644 lower than in KS for the median household income.
Sales Tax Comparison
Sales tax rates vary by location and can have a significant impact on your day-to-day expenses. These include state, county, city, and special district taxes that together form the total sales tax rate.
Our sales tax estimates consider:
- Average household taxable spending: $15,500 per year
- Combined state and local rates for both cities
Water valley, MS
8.000%
Combined rate
Annual sales tax: $1240
(Based on $15,500 spending)
Olathe, KS
10.750%
Combined rate
Annual sales tax: $1666
(Based on $15,500 spending)
| Data | Water valley, MS | Olathe, KS |
|---|---|---|
| State Sales Tax | 7.00% | 6.50% |
| Combined Sales Tax | 8.000% | 10.750% |
| Annual Tax Amount | $1,240 | $1,666 |
Comparison: Shopping in Water valley, MS costs $426 less in annual sales tax than in Olathe, KS for the average household.
Tax Comparison Insights
Tax Insights: Water valley vs Olathe
- Property Tax: Water valley has a 0.3303 percentage points lower effective property tax rate than Olathe.
- Income Tax: Living in MS could save you approximately $644 in state income taxes for a median household income.
- Sales Tax: The combined sales tax rate in Water valley is 2.75 percentage points lower than in Olathe.
Overall Tax Burden Comparison
Water valley, MS
$8,237
Combined annual tax burden
Property
$3,450
Income
$3,547
Sales
$1,240
Olathe, KS
$10,691
Combined annual tax burden
Property
$4,835
Income
$4,191
Sales
$1,666
Overall Comparison: Water valley, MS has an estimated $2,454 lower total tax burden than Olathe, KS based on our standard scenarios.
Important Tax Disclaimer
The tax information provided above is based on publicly available data and standard assumptions. Actual tax situations will vary based on:
- Individual financial circumstances
- Applicable deductions and credits
- Recent changes in tax laws
- Personal spending habits
- Local variations within cities and counties
This comparison is intended for general informational purposes only and should not be considered tax advice. For specific guidance regarding your tax situation, please consult with a qualified tax professional.