Foss, Oklahoma Property Taxes
The median property tax rate in FOSS, OK is 0.95%, slightly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in FOSS at $85,570, the typical annual property tax bill amounts to $867, significantly below the national median of $2,690. Property taxes in FOSS 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 FOSS'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 FOSS 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
Foss, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$813
Ownwell’s FOSS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in FOSS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FOSS 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 Foss, Oklahoma
Property taxes in Foss, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Foss is 0.95%, which is lower than the U.S. national median of 0.99%. Local government entities within Foss set these rates annually, and they can vary significantly across different neighborhoods. Each year, Foss 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 Foss's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the zip code 73647 has the highest median property tax rate of 0.95%, while the same zip code also has the lowest median tax rate of 0.95%. Understanding how these areas compare with Foss 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 Foss Tax Rate
0.95%
Average Custer County Tax Rate
1.01%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Foss, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73647 | 0.58% | 0.85% | 0.95% | 1.08% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Foss, Oklahoma
In FOSS, 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 FOSS, 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. The median home price in FOSS is $85,570, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $477, while the 75th percentile tax bill is $1,231. The highest and lowest median tax bills both stand at $867 in the 73647 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Foss Assessed Value
$85,570
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 Foss, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73647 | $36,170 | $61,295 | $85,570 | $129,323 | $224,392 |
Source: Ownwell
Property Tax Bills Across Foss, Oklahoma
In the city of Foss, located in Custer County, OK, property tax bills are determined based on the assessed value of the property, which is a fraction of its market value. The median home price in Foss is $85,570. Local tax authorities apply the county's tax rate to this assessed value to calculate the annual tax bill. Several factors influence this calculation, including property size, location, and any applicable exemptions or deductions. Homeowners in Foss can expect varying tax bills depending on their property's assessed value. For instance, those at the 25th percentile may pay around $477 annually, while those at the 75th percentile could see bills as high as $1,231. The 90th percentile can reach up to $2,096. These figures provide a spectrum of what homeowners might expect, highlighting the financial impact of property taxes in the area. Compared to the national median property tax rate of 0.99%, Foss offers a relatively affordable tax environment, making it an attractive option for homeowners looking to manage their annual expenses.
Average Foss Tax Bill
$867
Average Custer County Tax Bill
$977
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Foss, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73647 | $266 | $477 | $867 | $1,231 | $2,096 |
Source: Ownwell