Thomas, Oklahoma Property Taxes
The median property tax rate in Thomas, OK is 0.77%, considerably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Thomas, the typical annual property tax bill reaches $578, significantly below the national median of $2,690. Property taxes in Thomas 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 Thomas'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 Thomas 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
Thomas, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$814
Ownwell’s Thomas Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thomas with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thomas 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 Thomas, Oklahoma
Property taxes in Thomas, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thomas is 0.77%, which is lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Thomas set these rates annually, and they can vary across different neighborhoods. Each year, Thomas 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 Thomas's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73669 in Dewey County has the same median property tax rate of 0.77%. Understanding how these cities compare with Thomas provides valuable insights into the varying tax landscape across Dewey County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Thomas Tax Rate
0.77%
Average Dewey County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thomas, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73669 | 0.57% | 0.67% | 0.77% | 0.88% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Thomas, Oklahoma
In Thomas, 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 Dewey 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 Thomas, 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 Thomas helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Thomas both stand at $578.00 in the 73669 zip code.
Average Thomas Assessed Value
$105,703
Average Dewey County Assessed Value
$78,646
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Thomas, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73669 | $32,751 | $45,027 | $105,703 | $221,843 | $347,885 |
Source: Ownwell
Property Tax Bills Across Thomas, Oklahoma
Property tax bills in Thomas, located in Dewey County, Oklahoma, are calculated based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $105,703, the property tax rate plays a crucial role in deciding the final amount owed by homeowners. Several factors influence the tax bill, including property size, location, and any applicable exemptions or deductions. In Thomas, the property tax bills vary significantly, with the 25th percentile at $310 and the 75th percentile reaching $1,315. The 90th percentile tax bill can go up to $2,761, reflecting a broad range of property values and tax liabilities within the community. Compared to the national median property tax rate of 0.99%, Thomas's tax bills are relatively moderate, providing some financial relief to homeowners while still funding essential local services. Understanding these elements helps homeowners anticipate their annual tax responsibilities and plan accordingly.
Average Thomas Tax Bill
$578
Average Dewey County Tax Bill
$505
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Thomas, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73669 | $244 | $310 | $578 | $1,315 | $2,761 |
Source: Ownwell