Ft Towson, Oklahoma Property Taxes
The median property tax rate in Ft Towson, OK is 0.51%, considerably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Ft Towson, the typical annual property tax bill reaches $194, significantly below the national median of $2,690. Property taxes in Ft Towson 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 Ft 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 Ft 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
Ft Towson, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$157
Ownwell’s FT TOWSON Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in FT TOWSON with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FT 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 Ft Towson, Oklahoma
Property taxes in FT TOWSON, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in FT TOWSON is 0.51%, which is lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within FT TOWSON set these rates annually, and they can vary significantly across different neighborhoods. Each year, FT 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 FT TOWSON's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74735 zip code has the highest median property tax rate of 0.51%, while the same zip code also has the lowest median tax rate of 0.51%. Understanding how these cities compare with FT 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 Ft Towson Tax Rate
0.51%
Average Choctaw County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ft Towson, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74735 | 0.27% | 0.33% | 0.51% | 0.77% | 1.76% |
Source: Ownwell
Property Tax Assessment Values Across Ft Towson, Oklahoma
In FT 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 FT 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 FT TOWSON helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 74735, both at $194.
Average Ft Towson Assessed Value
$30,785
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 Ft Towson, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74735 | $12,571 | $14,153 | $30,785 | $74,166 | $133,274 |
Source: Ownwell
Property Tax Bills Across Ft Towson, Oklahoma
In FT TOWSON, property tax bills are determined by evaluating the assessed value of a property and applying the local tax rate. The assessed value is a percentage of the property's market value, which is determined by the county assessor. Various factors such as property size, location, and improvements influence this market value. Homeowners in FT TOWSON, located in Choctaw County, experience a range of tax bills. For instance, the 25th percentile tax bill is $46, while the 75th percentile tax bill is $938, and the 90th percentile tax bill reaches $1039. The highest median tax bill in the area is $194, which is significantly lower than the national median property tax rate of 0.99%. These property taxes play a crucial role in funding local services such as schools, public safety, and infrastructure. For homeowners, understanding how their tax bill is calculated helps in financial planning and ensures they are well-prepared for annual tax obligations.
Average Ft Towson Tax Bill
$194
Average Choctaw County Tax Bill
$370
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Ft Towson, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74735 | $36 | $46 | $194 | $938 | $1,039 |
Source: Ownwell