Keyes, Oklahoma Property Taxes
The median property tax rate in Keyes, OK is 0.47%, considerably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $54,044 in Keyes, the typical annual property tax bill is $248, significantly below the national median of $2,690. Property taxes in Keyes 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 Keyes'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 Keyes 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
Keyes, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$254
Ownwell’s Keyes Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Keyes with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Keyes 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 Keyes, Oklahoma
Property taxes in Keyes, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Keyes is 0.47%, significantly lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Keyes set these rates annually, and they can vary significantly across different neighborhoods. Each year, Keyes 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 Keyes' effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73947 has the highest median property tax rate of 0.47%, while the same zip code also has the lowest median tax rate of 0.47%. Understanding how these cities compare with Keyes provides valuable insights into the varying tax landscape across Cimarron County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Keyes Tax Rate
0.47%
Average Cimarron County Tax Rate
0.50%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Keyes, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73947 | 0.25% | 0.33% | 0.47% | 0.70% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Keyes, Oklahoma
In Keyes, 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 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 Keyes, 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 Keyes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 73947 has the highest and lowest median tax bill, both at $248, highlighting a consistent tax environment.
Average Keyes Assessed Value
$54,044
Average Cimarron County Assessed Value
$68,218
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Keyes, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73947 | $18,142 | $36,897 | $54,044 | $81,421 | $127,571 |
Source: Ownwell
Property Tax Bills Across Keyes, Oklahoma
In Keyes, located in Cimarron County, OK, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and is a percentage of the market value of the property. Various factors such as the size of the property, location, and any improvements made can influence this assessed value. Once the assessed value is established, the property tax rate is applied to calculate the annual tax bill. For instance, with a median home price of $54,044, homeowners in Keyes can expect their property tax bills to vary. The 25th percentile tax bill is around $151, while the 75th percentile reaches $423, and the 90th percentile climbs to $651. These tax bills impact homeowners by contributing to local services such as schools, public safety, and infrastructure. While the median tax bill in Keyes is relatively low compared to the national median property tax rate of 0.99%, it remains a crucial consideration for homeowners planning their annual budgets.
Average Keyes Tax Bill
$248
Average Cimarron County Tax Bill
$314
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Keyes, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73947 | $88 | $151 | $248 | $423 | $651 |
Source: Ownwell