Example of Kingfisher County Property Tax Calculation
In Kingfisher County, the property tax calculation is based on the assessed value of the property. The assessed value is determined by the county assessor, who evaluates the property's market value and applies certain deductions, exemptions, and ratios.
To calculate the property tax, the assessed value is multiplied by the mill levy rate, which is set by each taxing entity, such as the county, school district, and city. For example, if the assessed value of a property is $100,000 and the mill levy rate is 100 mills, the property tax would be $10,000.
It is important to note that not all properties are subject to the same mill levy rate, and some may have additional taxes or fees imposed by special districts or authorities. Property owners can contact the county assessor's office or the tax collector's office to get more information about their specific property tax calculation.
Overall, understanding how property taxes are calculated in Kingfisher County is important for property owners to plan and budget for their tax obligations each year.
If you want appeal your property tax assessment - contact your local tax assessor.
Kingfisher County Property Tax Rates
The Kingfisher County Property Tax rates for the current year are as follows:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County General Fund | $0.1954 |
| County Health Fund | $0.0506 |
| County Library Fund | $0.0843 |
| County Building Fund | $0.05 |
| County Fairgrounds Fund | $0.0187 |
| County Fire District Fund | $0.0445 |
| County Emergency Management Fund | $0.0126 |
| City/Town General Fund (varies by location) | Varies |
| School District (varies by district) | Varies |
Please note that the rates for the City/Town General Fund and School Districts vary depending on the specific location and district. It is advisable to check with your local government or school district for the exact rates applicable to your property.
Who sets property tax rates in Kingfisher County ?
The property tax rates in Kingfisher County are set by the County Assessor's Office. This office is responsible for assessing the value of all taxable property within the county and then determining the appropriate tax rate to apply. This process typically takes place annually, and taxpayers can expect to receive their property tax bills in the mail shortly thereafter. It is important for property owners in Kingfisher County to understand how these tax rates are calculated, as they can have a significant impact on their personal finances. Overall, the County Assessor's Office plays a crucial role in determining property tax rates and ensuring that taxes are collected fairly and efficiently.
Homestead exemptions in Kingfisher County ?
The following table lists the various Homestead exemptions and deductions available in Kingfisher County, Oklahoma:
| Exemption/Deduction | Eligibility | Amount | Notes |
|---|---|---|---|
| County Assessor's Homestead Exemption | Must be the homeowner and reside in the property as of January 1st of the current year. | Up to $1,000 in assessed value. | The exemption applies to the residence only. |
| Senior Citizen Property Tax Freeze | Must be at least 65 years old and have an income of $72,500 or less. | Freezes the assessed value of the home at the base year. | Once granted, the freeze remains in effect for as long as the homeowner resides in the property. |
| Disabled Veteran Exemption | Must be a veteran with a 100% service-connected disability. | Up to $25,000 in assessed value for qualifying property. | Only one property is eligible for exemption. |
| Firefighter/Police Officer Exemption | Must be a firefighter or police officer who owns and occupies the property. | Up to $3,000 in assessed value. | The exemption applies to the residence only. |
| Agricultural Land Exemption | Must be used for agricultural purposes. | Varies based on the type of land use. | The exemption applies to the land only. |
| Religious or Charitable Organization Property Tax Exemption | Must be used for religious or charitable purposes. | Full exemption from property taxes. | The exemption applies to the property only. |
Note that eligibility and amount of exemptions and deductions may vary based on individual circumstances. For more information, contact the Kingfisher County Assessor's Office.
When is Kingfisher County Property Tax due ?
Kingfisher County Property Tax is due on December 31st of each year. Property owners are required to pay their property taxes in full by this deadline or risk incurring penalty fees.
There are multiple payment methods available for property owners to pay their taxes. These payment methods include:
| Payment Method | Description |
|---|---|
| In-person payment | Property owners can pay their property taxes in person at the Kingfisher County Treasurer's Office located at 101 S Main Street, Kingfisher, OK 73750. Accepted forms of payment include cash, check, or money order. |
| Online payment | Property owners can pay their property taxes online at www.ok.gov. Credit cards and electronic checks are accepted forms of payment. There is a convenience fee for online payments. |
| Mail-in payment | Property owners can mail their property tax payment to the Kingfisher County Treasurer's Office at PO Box 179, Kingfisher, OK 73750. Accepted forms of payment include check or money order. |
It is important for property owners to make their tax payment on time to avoid any late fees or penalties. The Kingfisher County Treasurer's Office is available to answer any questions or concerns regarding property tax payments.
If you have more questions - contact your local tax collector.
How is Kingfisher County Property Tax penalty calculated ?
Kingfisher County calculates property tax penalties based on a set formula. The penalty is assessed when the property owner fails to make timely payment of their property taxes. Here is an explanation of how the penalty is calculated in Kingfisher County:
Calculation of Kingfisher County Property Tax Penalty
Kingfisher County calculates a penalty of 1.5% per month on the unpaid balance of property taxes. This penalty is assessed on the first day of each month following the due date of the property taxes. Therefore, if the property taxes are due on January 1 and are not paid until March 1, the penalty will be calculated as follows:
- 1.5% penalty for February
- 1.5% penalty for March
In this example, the total penalty would be 3%.
Interest on Kingfisher County Property Taxes
In addition to the penalty, Kingfisher County also charges interest on unpaid property taxes. The interest rate is set by the state of Oklahoma and is currently 10% per year. This interest is calculated on the unpaid balance of property taxes from the due date until the taxes are paid in full.
Example Calculation
Let's say that John owns a property in Kingfisher County and his property taxes are due on January 1. John doesn't pay the taxes until June 1. His total penalty would therefore be:
- 1.5% penalty for February
- 1.5% penalty for March
- 1.5% penalty for April
- 1.5% penalty for May
- 1.5% penalty for June
This adds up to a total penalty of 7.5%. In addition to the penalty, John would also owe interest on the unpaid balance of his property taxes from January 1 until June 1, which would be calculated at 10% per year.
In summary, Kingfisher County assesses a penalty of 1.5% per month on unpaid property taxes, along with interest at a rate of 10% per year. It is important for property owners to make timely payments to avoid these penalties and interest charges.
We recommend contacting the Kingfisher County Tax Office or a local tax professional for the most up-to-date and accurate information.