Tonkawa, Oklahoma Property Taxes
The median property tax rate in Tonkawa, OK is 0.89%, slightly below the state median of 0.97% and the national median of 0.99%. With a median home value of $325,050, the typical annual property tax bill in Tonkawa reaches $2,936, surpassing 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 such as those for primary residences and agricultural properties. 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, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$2,893
-$30,318
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, Oklahoma
Property taxes in Tonkawa, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tonkawa is 0.89%, slightly below 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 74653 zip code has the highest median property tax rate of 0.89%, while the same zip code also has the lowest median tax rate of 0.89%. Understanding how these areas compare with Tonkawa provides valuable insights into the varying tax landscape across Noble County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tonkawa Tax Rate
0.89%
Average Noble County Tax Rate
0.91%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tonkawa, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74653 | 0.87% | 0.88% | 0.89% | 0.90% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Tonkawa, 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 Noble 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. Being aware of these valuation processes in Tonkawa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 74653, both at $2936.
Average Tonkawa Assessed Value
$325,050
Average Noble County Assessed Value
$78,656
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tonkawa, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74653 | $164,127 | $224,473 | $325,050 | $425,628 | $485,974 |
Source: Ownwell
Property Tax Bills Across Tonkawa, Oklahoma
Property tax bills in Tonkawa, located in Noble County, OK, are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Various factors influence the assessed value, including the property's location, size, and condition. For instance, the median home price in Tonkawa is $325,050, and property tax bills can range significantly. Homeowners in the 25th percentile pay around $2,002 annually, while those in the 75th percentile see bills closer to $3,869. At the higher end, the 90th percentile tax bill reaches approximately $4,429. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Tonkawa's rates can offer a different financial impact on homeowners, influencing decisions about homeownership and investment in the area.
Average Tonkawa Tax Bill
$2,936
Average Noble County Tax Bill
$666
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Tonkawa, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74653 | $1,442 | $2,002 | $2,936 | $3,869 | $4,429 |
Source: Ownwell