Miami, Oklahoma Property Taxes
The median property tax rate in Miami, OK is 0.76%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $117,851 in Miami, the typical annual property tax bill is around $990, significantly below the national median of $2,690. Property taxes in Miami are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, including primary residence and agricultural exemptions. Understanding Miami'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 Miami 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
Miami, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$896
Ownwell's Miami Property Tax Bill Calculator allows homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Miami with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Miami to estimate your property tax bill. This valuable 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 Miami, Oklahoma
Property taxes in Miami, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Miami is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Miami set these rates annually, and they can vary significantly across different neighborhoods. Each year, Miami 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 Miami's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the zip code 74354 has both the highest and lowest median property tax rate of 0.76%. Understanding how these areas compare with Miami 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 Miami Tax Rate
0.76%
Average Craig County Tax Rate
0.82%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Miami, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74354 | 0.59% | 0.69% | 0.76% | 0.92% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Miami, Oklahoma
In Miami, 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 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 Miami, 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 Miami 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 bills in Miami is 74354, both at $990.
Average Miami Assessed Value
$117,851
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 Miami, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74354 | $69,117 | $81,087 | $117,851 | $181,081 | $247,043 |
Source: Ownwell
Property Tax Bills Across Miami, Oklahoma
In Miami, Oklahoma, property tax bills are calculated based on the assessed value of a home, which is typically a fraction of its market value. The local tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition. Homeowners in Miami can expect varying tax bills depending on these factors. For instance, homeowners in the 25th percentile pay around $512 annually, while those in the 75th percentile face bills of about $1,409. The top 10% of taxpayers see even higher bills, averaging $2,144. These figures highlight the significant range in property tax obligations within the city. Compared to the national median property tax rate of 0.99%, Miami's property tax rates can be considered relatively moderate. However, the impact on homeowners can still be substantial, influencing decisions on home purchases and long-term financial planning. Understanding these factors can help residents better manage their property tax liabilities.
Average Miami Tax Bill
$990
Average Craig County Tax Bill
$568
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Miami, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74354 | $451 | $512 | $990 | $1,409 | $2,144 |
Source: Ownwell