Tyrone, Texas County, Oklahoma Property Taxes
The median property tax rate in Tyrone, Oklahoma is 0.70%, 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 $93,509 in Tyrone, the typical annual property tax bill amounts to $629, significantly below the national median of $2,690. Property taxes in Tyrone are calculated based on the assessed value, which is often less than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Tyrone'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 Tyrone 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
Tyrone, Texas County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$655
$607
Ownwell’s Tyrone Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tyrone with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tyrone 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 Tyrone, Texas County, Oklahoma
Property taxes in Tyrone, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tyrone is 0.70%, which is lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Tyrone set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tyrone 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 Tyrone's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73951 zip code has both the highest and lowest median property tax rate of 0.70%. Understanding how these cities compare with Tyrone provides valuable insights into the varying tax landscape across Texas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tyrone Tax Rate
0.70%
Average Texas County Tax Rate
0.69%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tyrone, Texas County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73951 | 0.32% | 0.50% | 0.70% | 0.91% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Tyrone, Texas County, Oklahoma
In Tyrone, 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 Texas 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 Tyrone, 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 Tyrone helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 73951 has both the highest and lowest median tax bill at $629.
Property Tax Assessment Values Across Tyrone, Texas County, Oklahoma
Source: Ownwell
$69,960
$95,504
$121,048
Average Tyrone Assessed Value
$93,509
Average Texas County Assessed Value
$112,882
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tyrone, Texas County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73951 | $37,031 | $58,822 | $93,509 | $139,904 | $196,481 |
Source: Ownwell
Property Tax Bills Across Tyrone, Texas County, Oklahoma
In Tyrone, Texas County, OK, property tax bills are determined based on the assessed value of a home, which is derived from its market value. The tax rate is applied to this assessed value to calculate the annual property tax bill. The median home price in Tyrone is $93,509, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $354, while the 75th percentile reaches $1,022, and the 90th percentile can go up to $1,438. These variations are influenced by factors such as property size, location, and improvements made to the property. Homeowners in Tyrone should be aware that their property tax bill can impact their overall housing costs significantly. Comparing these figures to the national median property tax rate of 0.99%, homeowners can gauge how their tax obligations measure up. Understanding these factors helps homeowners better manage their finances and anticipate annual property tax expenses.
Average Tyrone Tax Bill
$629
Average Texas County Tax Bill
$698
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Tyrone, Texas County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73951 | $199 | $354 | $629 | $1,022 | $1,438 |
Source: Ownwell