Fay, Oklahoma Property Taxes
The median property tax rate in Fay, OK is 0.56%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Fay, the typical annual property tax bill is $487, well below the national median of $2,690. Property taxes in Fay are calculated based on the tax assessed value, which is often less than the market value due to exemptions like those for primary residences and agricultural use. Understanding Fay'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 Fay or elsewhere in Custer County, grasping the local property tax landscape will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fay, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$610
Ownwell’s FAY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in FAY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FAY 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 Fay, Oklahoma
Property taxes in Fay, Oklahoma, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fay is 0.56%, lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Fay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fay 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 Fay's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73646 zip code has the highest median property tax rate of 0.56%, while the same zip code also has the lowest median tax rate of 0.56%. Understanding how these cities compare with Fay provides valuable insights into the varying tax landscape across Custer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fay Tax Rate
0.56%
Average Custer County Tax Rate
1.01%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fay, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73646 | 0.41% | 0.45% | 0.56% | 0.65% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Fay, Oklahoma
In FAY, 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 Custer 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 FAY, 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 FAY helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $108,984, with the highest and lowest median tax bills in zip code 73646, both at $487.
Average Fay Assessed Value
$108,984
Average Custer County Assessed Value
$105,000
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fay, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73646 | $47,404 | $68,475 | $108,984 | $125,045 | $150,976 |
Source: Ownwell
Property Tax Bills Across Fay, Oklahoma
Property tax bills in Fay, Custer County, OK, are calculated based on the assessed value of a property, which is a percentage of its market value. For homeowners in Fay, the median home price is $108,984. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors influencing the tax bill include the property's assessed value, the local tax rate, and any applicable exemptions or deductions. The tax bill can vary significantly. For instance, the 25th percentile tax bill is $424, while the 75th percentile tax bill is $587. At the higher end, the 90th percentile tax bill reaches $1,006. The highest median tax bill in the area is $487, which is consistent across different zip codes within the county. Compared to the national median property tax rate of 0.99%, homeowners in Fay generally experience lower property tax bills, making it a relatively affordable location for property ownership. This lower tax burden can be a significant advantage for homeowners, potentially reducing overall housing costs.
Average Fay Tax Bill
$487
Average Custer County Tax Bill
$977
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Fay, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73646 | $295 | $424 | $487 | $587 | $1,006 |
Source: Ownwell