Oaks, Oklahoma Property Taxes
The median property tax rate in Oaks, OK is 0.71%, which is notably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Oaks at $96,514, the typical annual property tax bill comes to $361, significantly less than the national median of $2,690. Property taxes in Oaks are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Oaks' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Oaks or another part of Cherokee County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oaks, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$685
Ownwell’s Oaks Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oaks with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oaks 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 Oaks, Oklahoma
Property taxes in Oaks, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oaks is 0.71%, lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Oaks set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oaks 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 Oaks' effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74359 has both the highest and lowest median property tax rate of 0.71%. Understanding how these cities compare with Oaks provides valuable insights into the varying tax landscape across Cherokee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oaks Tax Rate
0.71%
Average Cherokee County Tax Rate
0.83%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oaks, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74359 | 0.34% | 0.61% | 0.71% | 0.75% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Oaks, Oklahoma
In Oaks, 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 Cherokee 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 Oaks, 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. For example, the median home price in Oaks is $96,514, with tax bills ranging from $342 at the 25th percentile to $1,058 at the 90th percentile. The highest and lowest median tax bills are both found in zip code 74359, with a value of $361. 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 Oaks helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Oaks Assessed Value
$96,514
Average Cherokee County Assessed Value
$95,710
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oaks, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74359 | $38,005 | $50,645 | $96,514 | $97,567 | $155,535 |
Source: Ownwell
Property Tax Bills Across Oaks, Oklahoma
In Oaks, located in Cherokee County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Oaks is $96,514. Property tax rates in this region are applied to the assessed value to determine the annual tax bill. The tax bill can vary significantly, with the 25th percentile at $342 and the 75th percentile at $719, indicating a range of tax burdens depending on property valuations and exemptions. For homeowners in the 90th percentile, the tax bill can reach up to $1,058. These tax bills are influenced by various factors, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Oaks residents generally experience lower tax rates. Understanding these factors can help homeowners anticipate their property tax obligations and manage their finances effectively.
Average Oaks Tax Bill
$361
Average Cherokee County Tax Bill
$703
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Oaks, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74359 | $310 | $342 | $361 | $719 | $1,058 |
Source: Ownwell