Platter, Oklahoma Property Taxes
The median property tax rate in Platter, OK is 0.80%, lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Platter at $96,350, the typical annual property tax bill is $772, significantly below the national median of $2,690. Property taxes in Platter 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. Understanding Platter's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Platter or another part of Bryan County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Platter, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$771
Ownwell’s Platter Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Platter with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Platter 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 Platter, Oklahoma
Property taxes in Platter, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Platter is 0.80%, which is lower than the U.S. national median of 0.99%. Local government entities within Platter set these rates annually, and they can vary significantly across different neighborhoods. Each year, Platter 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 Platter's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74753 has the highest median property tax rate of 0.80%, while the same zip code also has the lowest median tax rate of 0.80%. Understanding how these cities compare with Platter 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 Platter Tax Rate
0.80%
Average Bryan County Tax Rate
0.83%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Platter, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74753 | 0.71% | 0.74% | 0.80% | 0.84% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Platter, Oklahoma
In Platter, 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 Platter, 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 Platter helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Platter are both $772, found in the zip code 74753.
Average Platter Assessed Value
$96,350
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 Platter, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74753 | $48,070 | $66,175 | $96,350 | $145,100 | $174,349 |
Source: Ownwell
Property Tax Bills Across Platter, Oklahoma
Property tax bills in Platter, Bryan County, OK, are calculated based on the assessed value of a property. The assessed value is determined by the county assessor, who evaluates the market value of the home and applies an assessment ratio. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $96,350 in Platter, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is around $545, while at the 75th percentile, it reaches approximately $1,050. The 90th percentile sees tax bills as high as $1,218. These figures indicate how property taxes can fluctuate based on property value assessments and local tax rates. Compared to the national median property tax rate of 0.99%, these tax bills reflect how local assessments and rates impact homeowners, emphasizing the importance of understanding local property tax calculations.
Average Platter Tax Bill
$772
Average Bryan County Tax Bill
$903
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Platter, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74753 | $409 | $545 | $772 | $1,050 | $1,218 |
Source: Ownwell