Ketchum, Oklahoma Property Taxes
The median property tax rate in Ketchum, OK is 0.74%, 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 Ketchum at $74,260, the typical annual property tax bill is $473, significantly below the national median of $2,690. Property taxes in Ketchum are determined based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. By understanding Ketchum's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you reside in Ketchum or own property elsewhere in the city, gaining insight into the local property tax system will be beneficial.
Last Updated June 14, 2024
Ketchum, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$550
Ownwell’s Ketchum Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ketchum with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ketchum 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 Ketchum, Oklahoma
Property taxes in Ketchum, Oklahoma, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Ketchum is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Ketchum set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ketchum 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 Ketchum's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the 74349 zip code has both the highest and lowest median property tax rate of 0.74%. Understanding how these areas compare with Ketchum provides valuable insights into the varying tax landscape across Craig County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ketchum Tax Rate
0.74%
Average Craig County Tax Rate
0.82%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ketchum, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74349 | 0.35% | 0.52% | 0.74% | 0.97% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Ketchum, Oklahoma
In Ketchum, 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 Craig 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 Ketchum, 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. For example, the highest median tax bill in Ketchum is $473 in the 74349 zip code, which is also where the lowest median tax bill is found. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ketchum Assessed Value
$74,260
Average Craig County Assessed Value
$75,683
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ketchum, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74349 | $32,651 | $42,419 | $74,260 | $115,672 | $133,057 |
Source: Ownwell
Property Tax Bills Across Ketchum, Oklahoma
In Ketchum, property tax bills are determined by evaluating the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to calculate the tax bill. Various factors influence the assessed value, including the property's location, size, and condition. For homeowners in Ketchum, the median home price stands at $74,260. Tax bills in the area can vary significantly, with the 25th percentile at $277 and the 75th percentile reaching $840. At the higher end, the 90th percentile tax bill is $1,137. The highest and lowest median tax bills in Craig County both stand at $473, indicating some consistency within the region. These property taxes directly impact homeowners by influencing their annual expenses and potentially affecting their ability to maintain or improve their properties. Compared to the national median property tax rate of 0.99%, Ketchum's property tax rates offer a relatively moderate financial burden for homeowners.
Average Ketchum Tax Bill
$473
Average Craig County Tax Bill
$568
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Ketchum, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74349 | $130 | $277 | $473 | $840 | $1,137 |
Source: Ownwell