Allen, Oklahoma Property Taxes
The median property tax rate in Allen, OK is 0.50%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Allen at $125,256, the typical annual property tax bill amounts to $423, far below the national median of $2,690. Property taxes in Allen are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Allen'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 Allen 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
Allen, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$626
Ownwell’s Allen Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Allen with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Allen 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 Allen, Oklahoma
Property taxes in Allen, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Allen is 0.50%, which is lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Allen set these rates annually, and they can vary significantly across different neighborhoods. Each year, Allen 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 Allen's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74825 zip code has the highest median property tax rate of 0.50%, while the same zip code also has the lowest median tax rate of 0.50%. Understanding how these cities compare with Allen provides valuable insights into the varying tax landscape across Coal County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Allen Tax Rate
0.50%
Average Coal County Tax Rate
0.60%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Allen, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74825 | 0.28% | 0.36% | 0.50% | 0.76% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Allen, Oklahoma
In Allen, 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 Coal County Assessor's Office 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 Allen, 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 median home price in Allen is $125,256, with tax bills ranging from $311 at the 25th percentile to $1,203 at the 90th percentile. Being aware of these valuation processes in Allen helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 74825, both at $423.
Average Allen Assessed Value
$125,256
Average Coal County Assessed Value
$69,824
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Allen, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74825 | $46,566 | $66,646 | $125,256 | $166,031 | $217,716 |
Source: Ownwell
Property Tax Bills Across Allen, Oklahoma
In Allen, 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 tax bill. For instance, with a median home price of $125,256, homeowners in Allen can expect a tax bill ranging from $311 at the 25th percentile to $739 at the 75th percentile. The highest median tax bill in the area is $423, which is relatively low compared to the national median property tax rate of 0.99%. Several factors influence the assessed value, including property size, location, and market conditions. These taxes fund essential public services such as schools, roads, and emergency services, directly impacting the quality of life in the community. Homeowners must stay informed about their property’s assessed value and the local tax rate to manage their financial planning effectively. Understanding these factors can help homeowners anticipate their annual tax obligations and plan accordingly.
Average Allen Tax Bill
$423
Average Coal County Tax Bill
$407
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Allen, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74825 | $194 | $311 | $423 | $739 | $1,203 |
Source: Ownwell