Tussy, Oklahoma Property Taxes
The median property tax rate in Tussy, OK is 0.25%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Tussy, the typical annual property tax bill amounts to $470, far below the national median of $2,690. Property taxes in Tussy are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Tussy'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 Tussy 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
Tussy, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.25%
Estimate Property Tax Bill
$578
Ownwell’s Tussy Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Tussy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tussy 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 Tussy, Oklahoma
Property taxes in Tussy, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tussy is 0.25%, significantly lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Tussy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tussy 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 Tussy's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the highest median property tax rate in Oklahoma is found in zip code 73120, with a rate of 1.22%, while the lowest median tax rate is in zip code 73110, at 0.55%. Understanding how these cities compare with Tussy provides valuable insights into the varying tax landscape across Garvin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tussy Tax Rate
0.25%
Average Garvin County Tax Rate
0.69%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tussy, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73488 | 0.16% | 0.19% | 0.25% | 0.31% | 0.35% |
Source: Ownwell
Property Tax Assessment Values Across Tussy, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Tussy, Oklahoma. 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 Garvin County Appraisal District 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 Tussy, 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. For instance, the median home price in the area is $231,138, with tax bills ranging from $451 at the 25th percentile to $500 at the 90th percentile. The highest and lowest median tax bills are both $470, found in the 73488 zip code. 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 Tussy Assessed Value
$231,138
Average Garvin County Assessed Value
$84,504
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tussy, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73488 | $154,460 | $183,214 | $231,138 | $279,061 | $307,816 |
Source: Ownwell
Property Tax Bills Across Tussy, Oklahoma
In Tussy, located in Garvin County, OK, property tax bills are calculated based on the assessed value of the property, which is typically a percentage of the market value. The median home price in Tussy is $231,138. The local tax rate is applied to this assessed value to determine the annual tax bill. Homeowners in Tussy experience a range of tax bills, with the 25th percentile at $451, the 75th percentile at $489, and the 90th percentile reaching up to $500. Factors that influence the tax bill include changes in property values, local tax rates, and any applicable exemptions or deductions. For instance, properties in the zip code 73488 have a consistent median tax bill of $470, regardless of being the highest or lowest in the area. Compared to the national median property tax rate of 0.99%, Tussy's property tax rates provide a relatively affordable option for homeowners, impacting their overall cost of living and financial planning.
Average Tussy Tax Bill
$470
Average Garvin County Tax Bill
$559
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Tussy, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73488 | $440 | $451 | $470 | $489 | $500 |
Source: Ownwell