Example of Kay County Property Tax Calculation
Kay County calculates property taxes based on the market value of the property. The market value is determined by the county appraiser's office. The county then applies a tax rate to the market value to determine the property tax owed.
For example, if a property in Kay County has a market value of $100,000 and the tax rate is 1%, the property tax owed would be $1,000 ($100,000 x 0.01).
It's important to note that the tax rate can vary depending on the property's location and the services provided by the county. Additionally, there may be exemptions or deductions available for certain types of properties or individuals.
Overall, understanding the property tax calculation process in Kay County can help property owners plan and budget for their tax payments.
If you want appeal your property tax assessment - contact your local tax assessor.
Kay County Property Tax Rates
The following table displays the Kay County Property Tax rates in US dollars per 100$ of assessed value:
| Tax | Rate per 100$ of Assessed Value |
|---|---|
| County | 0.889 |
| City of Blackwell | 0.979 |
| City of Braman | 1.026 |
| City of Kaw City | 1.015 |
| City of Kildare | 3.25 |
| City of Newkirk | 1.005 |
| City of Ponca City | 1.043 |
| City of Tonkawa | 1.027 |
Please note that these rates are subject to change, and taxpayers should consult with a licensed tax advisor for personalized tax advice.
Who sets property tax rates in Kay County ?
Who Sets Property Tax Rates in Kay County?
The property tax rates in Kay County, USA, are set by the Board of County Commissioners. This is a group of elected officials who oversee the management of the county government, including taxation.
When are Property Tax Rates Set in Kay County?
The Board of County Commissioners sets the property tax rates annually, typically in the fall. Property owners receive a notice of their property's assessed value and the resulting tax rate in the mail.
It is important for property owners in Kay County to understand how property taxes are determined and to stay informed about any changes to the tax rates. A tax advisor can help property owners navigate the complex tax system and ensure they are paying the appropriate amount of taxes.
When is Kay County Property Tax due ?
Kay County Property Tax is typically due on December 31st of each year. This tax is assessed by the county on all real property (land and buildings) and personal property (vehicles and other tangible property).
To pay Kay County Property Tax, there are several payment methods available:
| Payment Method | Description |
|---|---|
| Online | Taxpayers can pay their property tax bill online using a credit or debit card, or an electronic check through the Kay County Treasurer's website |
| Taxpayers can mail their payment to the Kay County Treasurer's office using a personal check, cashier's check or money order | |
| In-person | Taxpayers can visit the Kay County Treasurer's office and pay using cash, personal check, cashier's check, or money order |
It is important to note that late payments will incur penalties and interest, so it is strongly encouraged to make payments by the due date. Additionally, taxpayers who are experiencing financial hardship can contact the Kay County Treasurer's office to discuss payment options or potential waivers.
If you have more questions - contact your local tax collector.
Homestead exemptions in Kay County ?
In Kay County, Oklahoma, there are several county specific Homestead exemptions and deductions available for eligible individuals. Here is a breakdown of the exemptions and deductions along with their corresponding details:
Exemptions
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| County Optional Homestead Exemption | Property owners | Up to $1,000 of assessed value | Applies to primary residence |
| Disabled Veterans Homestead Exemption | Disabled veterans | Up to $25,000 of assessed value | Applies to primary residence |
| Homestead Exemption | Property owners | Up to $1,000 of assessed value | Applies to primary residence |
| Senior Citizen Valuation Freeze | Property owners 65 or older | Frozen assessed value | Applies to primary residence |
Deductions
| Deduction | Eligibility | Amount | Notes |
|---|---|---|---|
| 100% Disabled Veteran's Deduction | Veterans with 100% disability | 100% of assessed value | Applies to primary residence |
| Agricultural Land Deduction | Land owners using property for agriculture | Up to 75% of assessed value | Applies to agricultural land |
| Disabled Veteran's Deduction | Veterans with disability | Up to $1,000 of assessed value | Applies to primary residence |
| Homestead Deduction | Property owners | Up to $5,000 of assessed value | Applies to primary residence |
Note that each exemption and deduction has specific eligibility criteria and requirements that must be met in order to qualify. It is important for interested individuals to research and understand these requirements in order to determine if they are eligible.
How is Kay County Property Tax penalty calculated ?
Kay County property tax penalties are calculated based on a percentage of the unpaid taxes. The penalty is added to the unpaid tax amount, and the total amount owed is recalculated. The penalty percentage is determined by the number of months the tax payment is overdue.
Here is an example to help illustrate how the Kay County Property Tax penalty is calculated:
Let's say John owns a property in Kay County and owes $5,000 in property taxes. The payment deadline is January 31st, but John misses the deadline and doesn't pay until March 1st. Since John's payment is one month overdue, he will be charged a penalty of 5% of the unpaid taxes. That means his penalty will be $250 (5% of $5,000).
So, John's total amount owed (including the penalty) will be $5,250 ($5,000 in unpaid taxes + $250 penalty).
If John continues to not pay the property taxes and penalty, the penalty will continue to increase by an additional 1% each month until it reaches a maximum of 10%.
Here is a table to summarize the penalty percentage based on how overdue the payment is:
| Months Overdue | Penalty Percentage |
|---|---|
| 1 | 5% |
| 2 | 6% |
| 3 | 7% |
| 4 | 8% |
| 5 | 9% |
| 6+ | 10% |
It is important to note that property taxes are a legal obligation, and failure to pay them can result in legal action, including liens on the property or foreclosure. Therefore, it is essential to pay property taxes on time to avoid incurring penalties and any other legal consequences.
We recommend contacting the Kay County Tax Office or a local tax professional for the most up-to-date and accurate information.