Tryon, Oklahoma Property Taxes
The median property tax rate in Tryon, OK is 0.85%, 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 $84,590 in Tryon, the typical annual property tax bill is $591, significantly below the national median of $2,690. Property taxes in Tryon 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 Tryon'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 Tryon or another part of Lincoln County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tryon, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$719
Ownwell’s Tryon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tryon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tryon 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 Tryon, Oklahoma
Property taxes in Tryon, Oklahoma, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Tryon is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Tryon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tryon 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 Tryon's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the zip code 74875 has both the highest and lowest median property tax rate of 0.85%. Understanding how these areas compare with Tryon provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tryon Tax Rate
0.85%
Average Lincoln County Tax Rate
0.78%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tryon, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74875 | 0.43% | 0.61% | 0.85% | 1.01% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Tryon, Oklahoma
In Tryon, 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 Lincoln County Assessor 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 Tryon, 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. For instance, in Tryon, the highest median tax bill is $591 in the zip code 74875. By being aware of these valuation processes, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tryon Assessed Value
$84,590
Average Lincoln County Assessed Value
$92,516
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tryon, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74875 | $19,388 | $40,594 | $84,590 | $151,918 | $237,096 |
Source: Ownwell
Property Tax Bills Across Tryon, Oklahoma
In Tryon, Oklahoma, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the county assessor and typically represents a percentage of the property's market value. For homeowners in Lincoln County, where Tryon is located, the tax rate is applied to this assessed value to calculate the annual tax bill. Several factors influence the final tax bill, including the property's size, location, and any improvements made. For instance, the median home price in Tryon is $84,590, leading to varying tax bills. Homeowners in the 25th percentile pay around $308, while those in the 75th percentile face bills up to $1,162. The 90th percentile sees tax bills as high as $1,946. Comparatively, the national median property tax rate is 0.99%, which provides a useful benchmark. High property taxes can impact homeowners by increasing the overall cost of ownership, while lower taxes can make homeownership more affordable. Understanding these factors helps homeowners anticipate their annual financial obligations.
Average Tryon Tax Bill
$591
Average Lincoln County Tax Bill
$648
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Tryon, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74875 | $148 | $308 | $591 | $1,162 | $1,946 |
Source: Ownwell