Foster, Stephens County, Oklahoma Property Taxes
The median property tax rate in Foster, Oklahoma is 0.82%, 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 $102,987 in Foster, the typical annual property tax bill is $750, significantly below the national median of $2,690. Property taxes in Foster are calculated based on the assessed value, generally lower than the market value due to exemptions like those for primary residences and agricultural properties. Navigating Foster's property tax system, exploring available exemptions, and identifying opportunities for tax reductions can lead to substantial annual savings. Whether you're in the heart of Foster or elsewhere in the city, understanding the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Foster, Stephens County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$844
$784
Ownwell’s Foster Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Foster with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Foster to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities, making it easier to plan your finances. For those interested in more granular insights, you can explore trends at the neighborhood level by scrolling down. Your property’s assessed value, determined by the county, is crucial for property tax calculations and incorporates any applicable exemptions.
Property Tax Rates Across Foster, Stephens County, Oklahoma
Property taxes in Foster, Oklahoma, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Foster is 0.46%, which is lower than both the Oklahoma state median of 0.87% 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 73010 zip code has the highest median property tax rate of 0.87%, while the 73434 zip code has the lowest median tax rate of 0.46%. 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
0.82%
Average Stephens County Tax Rate
0.81%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Foster, Stephens County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73434 | 0.52% | 0.68% | 0.82% | 0.89% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Foster, Stephens 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 Stephens 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. The highest and lowest median tax bills in Foster both stand at $750, located in the 73434 zip code.
Property Tax Assessment Values Across Foster, Stephens County, Oklahoma
Source: Ownwell
$61,393
$83,240
$105,087
Average Foster Assessed Value
$102,987
Average Stephens County Assessed Value
$86,689
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Foster, Stephens County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73434 | $31,144 | $67,099 | $102,987 | $175,352 | $274,763 |
Source: Ownwell
Property Tax Bills Across Foster, Stephens County, Oklahoma
In Foster, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Foster is approximately $102,987. Property taxes are determined by multiplying the assessed value by the local tax rate. For example, homeowners in Foster can expect a tax bill ranging from $405 at the 25th percentile to $1,470 at the 75th percentile, with the 90th percentile reaching up to $2,330. Factors influencing the tax bill include the market value of the property, any applicable exemptions, and the local tax rate set by Stephens County. These taxes fund essential services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Foster's rates can significantly impact homeowners, especially those with higher-valued properties. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Foster Tax Bill
$750
Average Stephens County Tax Bill
$664
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Foster, Stephens County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73434 | $203 | $405 | $750 | $1,470 | $2,330 |
Source: Ownwell