Mead, Oklahoma Property Taxes
The median property tax rate in Mead, OK is 0.70%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Mead at $119,302, the typical annual property tax bill is around $741, significantly less than the national median of $2,690. Property taxes in Mead are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mead'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 Mead or another part of Bryan County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mead, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$835
Ownwell’s Mead Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mead with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mead 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 Mead, Oklahoma
Property taxes in Mead, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mead is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within Mead set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mead 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 Mead's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73449 zip code has both the highest and lowest median property tax rate of 0.70%, which is the same as Mead's rate. Understanding how these cities compare with Mead provides valuable insights into the varying tax landscape across Bryan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mead Tax Rate
0.70%
Average Bryan County Tax Rate
0.83%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mead, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73449 | 0.40% | 0.55% | 0.70% | 0.86% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Mead, Oklahoma
In Mead, 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 Bryan 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 Mead, 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 Mead helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, the highest median tax bill in Mead is $741 in the 73449 zip code, while the lowest median tax bill is also $741 in the same zip code.
Average Mead Assessed Value
$119,302
Average Bryan County Assessed Value
$117,512
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mead, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73449 | $30,000 | $60,997 | $119,302 | $219,734 | $343,892 |
Source: Ownwell
Property Tax Bills Across Mead, Oklahoma
In Mead, Oklahoma, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The median home price in Mead is $119,302. Property taxes are calculated by applying the local tax rate to this assessed value. Various factors, such as property improvements and neighborhood changes, can influence the assessed value. For homeowners in Mead, the property tax bill can vary significantly. At the 25th percentile, the tax bill is around $351, while at the 75th percentile, it rises to $1,534. Those in the 90th percentile might see tax bills as high as $2,529. These variations can impact homeowners differently, depending on their property's assessed value and the specific tax rate applied. Compared to the national median property tax rate of 0.99%, the property taxes in Mead can be relatively moderate, providing some relief to homeowners. However, understanding these factors is crucial for homeowners to manage their financial planning effectively.
Average Mead Tax Bill
$741
Average Bryan County Tax Bill
$903
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Mead, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73449 | $189 | $351 | $741 | $1,534 | $2,529 |
Source: Ownwell