Fort Towson, Oklahoma Property Taxes
The median property tax rate in Fort Towson, OK is 0.59%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $76,413 in Fort Towson, the typical annual property tax bill is around $360, well below the national median of $2,690. Property taxes in Fort Towson are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Fort Towson'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 Fort Towson 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
Fort Towson, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$451
Ownwell’s FORT TOWSON Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in FORT TOWSON with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FORT TOWSON 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 Fort Towson, Oklahoma
Property taxes in Fort Towson, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fort Towson is 0.59%, which is significantly lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Fort Towson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fort Towson 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 Fort Towson's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74735 has the highest median property tax rate of 0.59%, while the same zip code also has the lowest median tax rate of 0.59%. Understanding how these areas compare with Fort Towson provides valuable insights into the varying tax landscape across Choctaw County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fort Towson Tax Rate
0.59%
Average Choctaw County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fort Towson, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74735 | 0.21% | 0.39% | 0.59% | 0.82% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Fort Towson, Oklahoma
In Fort Towson, 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 Choctaw 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 Fort Towson, 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. 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 Fort Towson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Fort Towson is $360.00, and the lowest median tax bill is also $360.00, both in the 74735 zip code.
Average Fort Towson Assessed Value
$76,413
Average Choctaw County Assessed Value
$60,068
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fort Towson, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74735 | $17,850 | $38,628 | $76,413 | $122,642 | $181,497 |
Source: Ownwell
Property Tax Bills Across Fort Towson, Oklahoma
In Fort Towson, property tax bills are calculated based on the assessed value of a home, which is determined by the Choctaw County assessor. The median home price in Fort Towson is $76,413. To determine the tax bill, the assessed value is multiplied by the local tax rate. Factors such as property improvements, market conditions, and neighborhood trends can influence the assessed value. Homeowners in Fort Towson experience a range of property tax bills. For instance, those in the 25th percentile pay around $167, while those in the 75th percentile pay approximately $738. At the higher end, the 90th percentile sees tax bills around $1,281. Notably, the highest and lowest median tax bills in the area both stand at $360, tied to the zip code 74735. Compared to the national median property tax rate of 0.99%, Fort Towson's property tax bills offer a unique perspective on how local assessments impact homeowners, potentially providing a more affordable tax environment.
Average Fort Towson Tax Bill
$360
Average Choctaw County Tax Bill
$370
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Fort Towson, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74735 | $60 | $167 | $360 | $738 | $1,281 |
Source: Ownwell