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Property taxes are imposed by states, counties, cities, and/or other taxing entities on both
real and personal property. Property tax is also known as ad valorem tax.
Residential property tax is calculated by multiplying the assessed valuation of a home (11.5% of its fair market value) by the overall mill levy, and then dividing by 1,000. Commercial property tax is calculated by multiplying the assessed valuation of a commercial property (25% of its fair market value) by the overall mill levy, and then dividing by 1,000.
One mill is equivalent to $1 for every $1,000 of assessed property value. Mill levies for cities in Johnson County vary by city, but the City of Olathe's mill levy is 24.818, or approximately 20% of an annual Olathe property tax bill. Other portions are determined and collected by the county, state, Johnson County Community College and Olathe school district. Property tax is the second largest source of revenue for the City’s general fund.