Thomas, Oklahoma Property Taxes
The median property tax rate in Thomas, OK is 0.78%, lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Thomas at $80,249, the typical annual property tax bill reaches $631, which is significantly below the national median of $2,690. Property taxes in Thomas are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Thomas'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 Thomas 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
Thomas, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$626
Ownwell’s Thomas Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thomas with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thomas 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 Thomas, Oklahoma
Property taxes in Thomas, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thomas is 0.78%, which is lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Thomas set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thomas 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 Thomas's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73669 zip code has the highest median property tax rate of 0.78%, while the 73669 zip code also has the lowest median tax rate of 0.78%. Understanding how these cities compare with Thomas provides valuable insights into the varying tax landscape across Custer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Thomas Tax Rate
0.78%
Average Custer County Tax Rate
1.01%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thomas, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73669 | 0.43% | 0.59% | 0.78% | 0.93% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Thomas, Oklahoma
In Thomas, Oklahoma, 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 Custer County Assessor 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 Thomas, 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. The median home price in Thomas is $80,249, with property tax bills ranging significantly. For example, the 25th percentile tax bill is $317, while the 75th percentile tax bill is $1,024, and the 90th percentile tax bill reaches $1,615. The zip code with the highest median tax bill is 73669, at $631. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Thomas Assessed Value
$80,249
Average Custer County Assessed Value
$105,000
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Thomas, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73669 | $29,817 | $47,152 | $80,249 | $135,861 | $208,132 |
Source: Ownwell
Property Tax Bills Across Thomas, Oklahoma
In Thomas, located in Custer County, OK, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. The median home price in Thomas is $80,249, and the property tax rate is applied to this assessed value to determine the tax bill. Factors such as property location, size, and improvements can influence the assessed value. Additionally, local tax rates and any applicable exemptions or deductions also play a role in determining the final tax bill. For homeowners in Thomas, the property tax bill can vary significantly. The 25th percentile tax bill is $317, while the 75th percentile tax bill reaches $1,024, and the 90th percentile can go up to $1,615. This range indicates how different factors can impact the tax amount due. Compared to the national median property tax rate of 0.99%, Thomas homeowners experience a range of property tax obligations, which can significantly affect their annual financial planning and overall cost of homeownership.
Average Thomas Tax Bill
$631
Average Custer County Tax Bill
$977
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Thomas, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73669 | $154 | $317 | $631 | $1,024 | $1,615 |
Source: Ownwell