Tonkawa, Kay County, Oklahoma Property Taxes
The median property tax rate in Tonkawa, OK is 0.77%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $57,164 in Tonkawa, the typical annual property tax bill is $456, significantly below the national median of $2,690. Property taxes in Tonkawa 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 Tonkawa'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 Tonkawa 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
Tonkawa, Kay County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$440
$408
Ownwell’s Tonkawa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tonkawa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tonkawa 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 Tonkawa, Kay County, Oklahoma
Property taxes in Tonkawa, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tonkawa is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Tonkawa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tonkawa 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 Tonkawa's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74653 has the highest median property tax rate of 0.77%, while the same zip code also has the lowest median tax rate of 0.77%. Understanding how these cities compare with Tonkawa 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 Tonkawa Tax Rate
0.77%
Average Kay County Tax Rate
0.75%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tonkawa, Kay County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74653 | 0.43% | 0.56% | 0.77% | 0.99% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Tonkawa, Kay County, Oklahoma
In Tonkawa, 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 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 Tonkawa, 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. The median home price in Tonkawa is $57,164, with tax bills ranging from $255 at the 25th percentile to $1,447 at the 90th percentile. The highest and lowest median tax bills are both $456 in zip code 74653. 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 Tonkawa, Kay County, Oklahoma
Source: Ownwell
$44,569
$99,335
$154,100
Average Tonkawa Assessed Value
$57,164
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 Tonkawa, Kay County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74653 | $26,129 | $35,971 | $57,164 | $104,965 | $168,261 |
Source: Ownwell
Property Tax Bills Across Tonkawa, Kay County, Oklahoma
In Tonkawa, located in Kay County, OK, property tax bills are determined based on the assessed value of a property, which is a percentage of its market value. The median home price in Tonkawa is $57,164. Property taxes are calculated by multiplying the assessed value by the local tax rate. Homeowners in Tonkawa can expect their tax bills to vary significantly; the 25th percentile tax bill is $255, while the 75th percentile reaches $791, and the 90th percentile can be as high as $1,447. This variation is influenced by factors such as property size, location, and any applicable exemptions. The highest and lowest median tax bills in the area are $456, both in the 74653 zip code. Compared to the national median property tax rate of 0.99%, Tonkawa's property taxes can be seen as relatively moderate, offering some financial relief to homeowners. Understanding these factors helps homeowners anticipate their annual tax obligations and manage their finances accordingly.
Average Tonkawa Tax Bill
$456
Average Kay County Tax Bill
$552
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Tonkawa, Kay County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74653 | $137 | $255 | $456 | $791 | $1,447 |
Source: Ownwell