Foster, Garvin County, Oklahoma Property Taxes
The median property tax rate in Foster, OK is 0.65%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Foster, the typical annual property tax bill amounts to $719, significantly below the national median of $2,690. Property taxes in Foster are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural land. By understanding Foster's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're in the heart of Foster or another part of the city, gaining insight into the local property tax system is crucial for managing expenses effectively.
Last Updated June 14, 2024
Foster, Garvin County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$754
$700
Ownwell’s Foster Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Foster with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Foster 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 Foster, Garvin County, Oklahoma
Property taxes in Foster, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Foster is 0.65%, which is lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Foster set these rates annually, and they can vary significantly across different neighborhoods. Each year, Foster 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 Foster's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73434 has the highest median property tax rate of 0.65%, while the lowest median tax rate is also 0.65% in the same zip code. Understanding how these cities compare with Foster provides valuable insights into the varying tax landscape across Garvin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Foster Tax Rate
0.65%
Average Garvin County Tax Rate
0.69%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Foster, Garvin County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73434 | 0.33% | 0.52% | 0.65% | 0.82% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Foster, Garvin County, Oklahoma
In Foster, 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 Garvin 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 Foster, 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 Foster helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Foster's highest and lowest median tax bills are both $719 in the zip code 73434.
Property Tax Assessment Values Across Foster, Garvin County, Oklahoma
Source: Ownwell
$60,180
$130,090
$200,000
Average Foster Assessed Value
$116,000
Average Garvin County Assessed Value
$84,504
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Foster, Garvin County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73434 | $41,861 | $67,258 | $116,000 | $194,742 | $270,364 |
Source: Ownwell
Property Tax Bills Across Foster, Garvin County, Oklahoma
In Foster, property tax bills are calculated based on the assessed value of a home, which is derived from the market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Foster falls within Garvin County, where the median home price is $116,000. Homeowners in this area can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is around $380, while the 75th percentile tax bill reaches up to $1,291. At the 90th percentile, homeowners might see tax bills as high as $2,413. These tax bills are crucial for homeowners as they directly impact their annual financial obligations. Compared to the national median property tax rate of 0.99%, Foster's tax rates can be relatively moderate or substantial depending on the specific property and its assessed value. Understanding these factors helps homeowners in Foster budget accordingly and anticipate potential changes in their property tax liabilities.
Average Foster Tax Bill
$719
Average Garvin County Tax Bill
$559
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Foster, Garvin County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73434 | $175 | $380 | $719 | $1,291 | $2,413 |
Source: Ownwell