Loyal, Oklahoma Property Taxes
The median property tax rate in Loyal, OK is 0.72%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $132,502 in Loyal, the typical annual property tax bill amounts to $916, significantly below the national median of $2,690. Property taxes in Loyal are calculated based on the assessed value, which is often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Loyal's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Loyal or another part of Kingfisher County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Loyal, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$954
Ownwell’s Loyal Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Loyal with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Loyal 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 Loyal, Oklahoma
Property taxes in Loyal, Oklahoma, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Loyal is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Loyal set these rates annually, and they can vary significantly across different neighborhoods. Each year, Loyal 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 Loyal's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73756 zip code has both the highest and lowest median property tax rate of 0.72%. Understanding how these cities compare with Loyal provides valuable insights into the varying tax landscape across Kingfisher County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Loyal Tax Rate
0.72%
Average Kingfisher County Tax Rate
0.84%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Loyal, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73756 | 0.38% | 0.51% | 0.72% | 0.88% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Loyal, Oklahoma
In Loyal, 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 Kingfisher 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 Loyal, 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 Loyal is $132,502, with tax bills ranging from $362 at the 25th percentile to $2,648 at the 90th percentile. Notably, the highest and lowest median tax bills both stand at $916 in the 73756 zip code. By understanding the distinction between 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 Loyal helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Loyal Assessed Value
$132,502
Average Kingfisher County Assessed Value
$150,533
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Loyal, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73756 | $31,083 | $62,314 | $132,502 | $211,867 | $298,244 |
Source: Ownwell
Property Tax Bills Across Loyal, Oklahoma
In Loyal, Kingfisher County, OK, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate, which in Loyal is relatively modest compared to the national median property tax rate of 0.99%, is then applied to this assessed value. Homeowners in Loyal can expect their tax bills to vary significantly depending on their property's value and location within the city. For instance, tax bills at the 25th percentile are around $362, while those at the 75th percentile can reach up to $1,552. The 90th percentile tax bills are even higher, at approximately $2,648. The median home price in Loyal is $132,502, which influences the overall tax obligation. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Understanding these factors helps homeowners anticipate their annual tax bills and plan their finances accordingly.
Average Loyal Tax Bill
$916
Average Kingfisher County Tax Bill
$1,129
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Loyal, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73756 | $165 | $362 | $916 | $1,552 | $2,648 |
Source: Ownwell