Tulsa, Missouri Property Taxes
The median property tax rate in Tulsa, MO is 0.68%, which is significantly lower than both the national median of 0.99% and Missouri's state median of 1.20%. With a median home value of $133,600 in Tulsa, the typical annual property tax bill amounts to $913, well below the national median of $2,690. Property taxes in Tulsa are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. By understanding Tulsa's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're in the heart of Tulsa or another part of the city, being well-informed about the local property tax system is crucial for maximizing financial benefits.
Last Updated June 14, 2024
Tulsa, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$908
Ownwell’s Tulsa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tulsa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tulsa 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 Tulsa, Missouri
Property taxes in Tulsa, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tulsa is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Tulsa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tulsa 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 Tulsa's effective property tax rate to other counties in Missouri and the national median. For comparison, the ZIP code 74133 has the highest median property tax rate of 0.68%, while the same ZIP code also has the lowest median tax rate of 0.68%. Understanding how these areas compare with Tulsa provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tulsa Tax Rate
0.68%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tulsa, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74133 | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Tulsa, Missouri
In Tulsa, Missouri, 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 Morgan County Appraisal District 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 Tulsa, 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. Tulsa's median home price is $133,600, with the highest and lowest median tax bills both at $913 in the 74133 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tulsa Assessed Value
$133,600
Average Morgan County Assessed Value
$49,350
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tulsa, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74133 | $133,600 | $133,600 | $133,600 | $133,600 | $133,600 |
Source: Ownwell
Property Tax Bills Across Tulsa, Missouri
In Tulsa, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor's office. This assessed value is typically a percentage of the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence the tax bill, including the home's location, its market value, and any applicable exemptions or abatements. In Tulsa, the median home price is $133,600, and the property tax bill for most homeowners falls around $913, placing it below the national median property tax rate of 0.99%. For homeowners, this means that while property taxes in Tulsa are relatively low compared to national averages, they still represent a significant annual expense. Understanding how these taxes are calculated can help homeowners better anticipate their financial obligations and manage their budgets effectively.
Average Tulsa Tax Bill
$913
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Tulsa, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74133 | $913 | $913 | $913 | $913 | $913 |
Source: Ownwell