Erick, Oklahoma Property Taxes
The median property tax rate in Erick, OK is 0.62%, considerably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Erick at $46,920, the typical annual property tax bill reaches $275, which is significantly below the national median of $2,690. Property taxes in Erick are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Erick's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Erick 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
Erick, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$291
Ownwell’s Erick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Erick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Erick 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 Erick, Oklahoma
Property taxes in Erick, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Erick is 0.62%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Erick set these rates annually, and they can vary across different neighborhoods. Each year, Erick 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 Erick's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the zip code 73645 in Beckham County has the same median property tax rate of 0.62%. Understanding how these areas compare with Erick provides valuable insights into the varying tax landscape across Beckham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Erick Tax Rate
0.62%
Average Beckham County Tax Rate
0.93%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Erick, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73645 | 0.22% | 0.40% | 0.62% | 0.80% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Erick, Oklahoma
In Erick, 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 Beckham 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 Erick, 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. The highest median tax bill in Erick is $275 in the 73645 zip code, which is significantly lower than the national median property tax rate of 0.99%. Being aware of these valuation processes in Erick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Erick Assessed Value
$46,920
Average Beckham County Assessed Value
$93,844
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Erick, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73645 | $16,112 | $27,854 | $46,920 | $86,521 | $157,053 |
Source: Ownwell
Property Tax Bills Across Erick, Oklahoma
In Erick, located in Beckham County, Oklahoma, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and typically represents a percentage of the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Erick, the median home price is $46,920. The property tax bill can vary significantly, with the 25th percentile at $118 and the 75th percentile at $549. At the higher end, the 90th percentile tax bill can reach up to $967. These figures indicate how property taxes can impact homeowners differently based on the assessed value of their properties. Compared to the national median property tax rate of 0.99%, the property tax rate in Erick is relatively low, which can be beneficial for homeowners looking to manage their expenses. Understanding these factors can help homeowners anticipate their annual property tax obligations and plan accordingly.
Average Erick Tax Bill
$275
Average Beckham County Tax Bill
$783
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Erick, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73645 | $49 | $118 | $275 | $549 | $967 |
Source: Ownwell