Hoyt, Oklahoma Property Taxes
The median property tax rate in Hoyt, OK is 0.62%, considerably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Hoyt at $49,319, the typical annual property tax bill reaches $308, significantly below the national median of $2,690. Property taxes in Hoyt are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hoyt'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 Hoyt or another part of Haskell County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hoyt, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$306
Ownwell’s Hoyt Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hoyt with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hoyt 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 Hoyt, Oklahoma
Property taxes in Hoyt, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hoyt is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Hoyt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hoyt 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 Hoyt's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74472 has both the highest and lowest median property tax rate of 0.62%. Understanding how these cities compare with Hoyt provides valuable insights into the varying tax landscape across Haskell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hoyt Tax Rate
0.62%
Average Haskell County Tax Rate
0.72%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hoyt, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74472 | 0.30% | 0.51% | 0.62% | 0.76% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Hoyt, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hoyt, 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 Haskell 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 Hoyt, 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 Hoyt is $49,319, with tax bills ranging from $142 at the 25th percentile to $862 at the 90th percentile. Notably, the zip code 74472 has the highest median tax bill at $308, while the lowest is also in the same zip code at $308. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Hoyt helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hoyt Assessed Value
$49,319
Average Haskell County Assessed Value
$61,017
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hoyt, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74472 | $22,626 | $28,320 | $49,319 | $80,226 | $145,989 |
Source: Ownwell
Property Tax Bills Across Hoyt, Oklahoma
In Hoyt, located in Haskell County, OK, property tax bills are determined using the assessed value of a property, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to calculate the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For instance, the median home price in Hoyt is $49,319. Homeowners in Hoyt can expect varied tax bills depending on their property’s assessed value. At the 25th percentile, tax bills are around $142, while those at the 75th percentile see bills closer to $506. The 90th percentile can expect to pay approximately $862. Compared to the national median property tax rate of 0.99%, Haskell County's property taxes offer a relatively affordable scenario for homeowners. This affordability can significantly impact homeowners by reducing the overall cost of owning property in Hoyt.
Average Hoyt Tax Bill
$308
Average Haskell County Tax Bill
$400
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Hoyt, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74472 | $72 | $142 | $308 | $506 | $862 |
Source: Ownwell