Newkirk, Kay County, Oklahoma Property Taxes
The median property tax rate in Newkirk, OK is 0.68%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $76,872 in Newkirk, the typical annual property tax bill is $566, well below the national median of $2,690. Property taxes in Newkirk are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Newkirk'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 Newkirk 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
Newkirk, Kay County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$523
$485
Ownwell’s Newkirk Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newkirk with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newkirk 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 Newkirk, Kay County, Oklahoma
Property taxes in Newkirk, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newkirk is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Newkirk set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newkirk 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 Newkirk's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74647 zip code has the highest and lowest median property tax rate of 0.68%. Understanding how these cities compare with Newkirk provides valuable insights into the varying tax landscape across Kay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newkirk Tax Rate
0.68%
Average Kay County Tax Rate
0.75%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newkirk, Kay County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74647 | 0.37% | 0.52% | 0.68% | 0.85% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Newkirk, Kay County, Oklahoma
In Newkirk, 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 Kay 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 Newkirk, 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. For instance, the highest median tax bill in Newkirk is $566 in the 74647 zip code, which is also the lowest. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Newkirk, Kay County, Oklahoma
Source: Ownwell
$44,569
$99,335
$154,100
Average Newkirk Assessed Value
$76,872
Average Kay County Assessed Value
$73,378
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newkirk, Kay County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74647 | $22,541 | $39,072 | $76,872 | $134,906 | $210,648 |
Source: Ownwell
Property Tax Bills Across Newkirk, Kay County, Oklahoma
Property tax bills in Newkirk, located in Kay County, OK, are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in Newkirk is $76,872. To determine the tax bill, local tax rates are applied to the assessed value. Factors such as property improvements, neighborhood developments, and changes in the real estate market can influence the assessed value, and consequently, the tax bill. Homeowners in Newkirk experience varying tax bills, with the 25th percentile paying around $286 and the 75th percentile paying approximately $974. Those at the 90th percentile see tax bills as high as $1,487. The highest median tax bill in the area is $566, recorded in the zip code 74647, which is also the lowest median tax bill, indicating uniformity in tax rates within that region. Compared to the national median property tax rate of 0.99%, Newkirk's tax rates may offer some relief to homeowners, but they still need to consider the assessed value and local rates.
Average Newkirk Tax Bill
$566
Average Kay County Tax Bill
$552
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Newkirk, Kay County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74647 | $122 | $286 | $566 | $974 | $1,487 |
Source: Ownwell