Milfay, Oklahoma Property Taxes
The median property tax rate in Milfay, OK is 0.70%, 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 Milfay at $88,002, the typical annual property tax bill comes to $612, significantly less than the national median of $2,690. Property taxes in Milfay are calculated based on the tax assessed value, which is often reduced by various exemptions, including primary residence and agricultural exemptions. Understanding Milfay'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 Milfay or another part of Creek County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Milfay, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$616
Ownwell’s MILFAY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MILFAY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MILFAY 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 Milfay, Oklahoma
Property taxes in Milfay, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milfay is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within Milfay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milfay 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 Milfay's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the 74046 zip code has the highest median property tax rate of 0.70%, while the same zip code also has the lowest median tax rate of 0.70%. Understanding how these areas compare with Milfay provides valuable insights into the varying tax landscape across Creek County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milfay Tax Rate
0.70%
Average Creek County Tax Rate
0.88%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milfay, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74046 | 0.29% | 0.44% | 0.70% | 0.71% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Milfay, Oklahoma
In Milfay, 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 Creek 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 Milfay, 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 Milfay helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Milfay is $612.00 in zip code 74046, while the lowest median tax bill is also $612.00 in the same zip code, reflecting the uniformity in tax assessments in this region.
Average Milfay Assessed Value
$88,002
Average Creek County Assessed Value
$130,263
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milfay, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74046 | $38,972 | $63,620 | $88,002 | $148,232 | $205,861 |
Source: Ownwell
Property Tax Bills Across Milfay, Oklahoma
In Milfay, Creek County, OK, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the county assessor and typically represents a percentage of the property's market value. For example, with a median home price of $88,002, the property tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property improvements, neighborhood characteristics, and any applicable exemptions. Homeowners in Milfay can expect to pay between $278 at the 25th percentile and $1,525 at the 90th percentile, with the median tax bill being $612. This range highlights the variability in tax obligations based on property values and applicable deductions. Compared to the national median property tax rate of 0.99%, Milfay’s tax rate and resulting bills can offer a relatively affordable option for homeowners, impacting their overall cost of living and financial planning.
Average Milfay Tax Bill
$612
Average Creek County Tax Bill
$1,080
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Milfay, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74046 | $137 | $278 | $612 | $1,058 | $1,525 |
Source: Ownwell