Oklahoma City, Oklahoma Property Taxes
The median property tax rate in Oklahoma City, OK is 1.15%, higher than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Oklahoma City at $235,015, the typical annual property tax bill reaches $2,694, slightly exceeding the national median of $2,690. Property taxes in Oklahoma City 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 Oklahoma City'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 Oklahoma City 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
Oklahoma City, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.15%
Estimate Property Tax Bill
$2,703
Ownwell’s Oklahoma City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oklahoma City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oklahoma City 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 Oklahoma City, Oklahoma
Property taxes in Oklahoma City, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oklahoma City is 1.15%, higher than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Oklahoma City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oklahoma City 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 Oklahoma City's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73135 zip code has the highest median property tax rate of 1.35%, while the 73109 zip code has the lowest median tax rate of 0.51%. Understanding how these areas compare with Oklahoma City provides valuable insights into the varying tax landscape across Cleveland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oklahoma City Tax Rate
1.15%
Average Cleveland County Tax Rate
1.13%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oklahoma City, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73026 | 1.03% | 1.03% | 1.03% | 1.03% | 1.03% |
| 73108 | 1.10% | 1.14% | 1.20% | 1.26% | 1.30% |
| 73109 | 0.51% | 0.51% | 0.51% | 0.51% | 0.51% |
| 73135 | 0.86% | 1.13% | 1.35% | 1.47% | 1.49% |
| 73139 | 0.93% | 1.03% | 1.14% | 1.26% | 1.46% |
| 73142 | 1.30% | 1.30% | 1.30% | 1.30% | 1.30% |
| 73149 | 0.97% | 0.97% | 0.97% | 0.97% | 0.97% |
| 73150 | 0.52% | 1.00% | 1.25% | 1.44% | 1.49% |
| 73159 | 0.91% | 1.00% | 1.09% | 1.20% | 1.35% |
| 73160 | 1.13% | 1.21% | 1.28% | 1.35% | 1.46% |
| 73165 | 0.68% | 0.92% | 1.10% | 1.27% | 1.39% |
| 73169 | 0.88% | 1.06% | 1.20% | 1.35% | 1.47% |
| 73170 | 0.94% | 1.04% | 1.15% | 1.28% | 1.42% |
| 73173 | 1.04% | 1.18% | 1.33% | 1.43% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Oklahoma City, Oklahoma
In Oklahoma City, 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 Cleveland 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. 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 Oklahoma City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $5052 in the 73169 zip code, while the lowest is $154 in the 73109 zip code.
Average Oklahoma City Assessed Value
$235,015
Average Cleveland County Assessed Value
$197,572
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oklahoma City, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73026 | $448,507 | $448,507 | $448,507 | $448,507 | $448,507 |
| 73108 | $159,310 | $162,403 | $167,556 | $172,710 | $175,802 |
| 73109 | $30,297 | $30,297 | $30,297 | $30,297 | $30,297 |
| 73135 | $15,292 | $24,291 | $36,050 | $46,498 | $72,984 |
| 73139 | $130,499 | $144,779 | $180,936 | $222,904 | $259,189 |
| 73142 | $12,730 | $12,730 | $12,730 | $12,730 | $12,730 |
| 73149 | $368,256 | $368,256 | $368,256 | $368,256 | $368,256 |
| 73150 | $62,690 | $125,052 | $264,434 | $362,272 | $438,939 |
| 73159 | $156,166 | $174,921 | $190,645 | $211,456 | $242,682 |
| 73160 | $193,462 | $218,256 | $281,459 | $350,173 | $407,797 |
| 73165 | $72,345 | $147,692 | $248,578 | $389,177 | $482,844 |
| 73169 | $206,625 | $329,349 | $387,882 | $465,958 | $624,328 |
| 73170 | $177,800 | $211,765 | $253,059 | $314,902 | $386,695 |
| 73173 | $211,552 | $256,779 | $353,337 | $491,040 | $584,843 |
Source: Ownwell
Property Tax Bills Across Oklahoma City, Oklahoma
In Oklahoma City, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as the home's location, size, and condition, as well as any applicable exemptions, play a crucial role in determining the final amount. For homeowners in Cleveland County, the property tax rate can significantly impact their finances. The median home price in the area is $235,015, and tax bills can vary widely. For example, the 25th percentile tax bill is $1,999, while the 75th percentile reaches $3,756, and the 90th percentile goes up to $5,098. The highest median tax bill in the region is $5,052 in the 73169 zip code, contrasting sharply with the lowest median tax bill of $154 in the 73109 zip code. Compared to the national median property tax rate of 0.99%, these figures highlight the variability and potential financial burden on homeowners in Oklahoma City.
Average Oklahoma City Tax Bill
$2,694
Average Cleveland County Tax Bill
$2,141
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Oklahoma City, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73026 | $4,627 | $4,627 | $4,627 | $4,627 | $4,627 |
| 73108 | $1,926 | $1,952 | $1,996 | $2,039 | $2,066 |
| 73109 | $154 | $154 | $154 | $154 | $154 |
| 73135 | $174 | $320 | $470 | $636 | $883 |
| 73139 | $1,351 | $1,644 | $2,032 | $2,555 | $3,132 |
| 73142 | $166 | $166 | $166 | $166 | $166 |
| 73149 | $3,568 | $3,568 | $3,568 | $3,568 | $3,568 |
| 73150 | $404 | $984 | $3,382 | $4,234 | $5,950 |
| 73159 | $1,516 | $1,792 | $2,077 | $2,455 | $2,855 |
| 73160 | $2,365 | $2,701 | $3,544 | $4,554 | $5,558 |
| 73165 | $585 | $1,323 | $2,538 | $4,336 | $5,821 |
| 73169 | $1,526 | $3,396 | $5,052 | $5,810 | $7,229 |
| 73170 | $1,819 | $2,264 | $2,930 | $3,854 | $4,924 |
| 73173 | $2,664 | $3,282 | $4,592 | $6,216 | $7,556 |
Source: Ownwell