Fairland, Oklahoma Property Taxes
The median property tax rate in Fairland, OK is 0.68%, which is significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $79,963 in Fairland, the typical annual property tax bill amounts to $595, well below the national median of $2,690. Property taxes in Fairland are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Fairland's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Fairland or another part of the city, grasping the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Fairland, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$544
Ownwell’s Fairland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairland 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 Fairland, Oklahoma
Property taxes in Fairland, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairland is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Fairland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairland 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 Fairland's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the zip code 74343 within Delaware County has the highest median property tax rate of 0.68%, while the same zip code also has the lowest median tax rate of 0.68%. Understanding how these cities compare with Fairland provides valuable insights into the varying tax landscape across Delaware County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairland Tax Rate
0.68%
Average Delaware County Tax Rate
0.78%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairland, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74343 | 0.51% | 0.61% | 0.68% | 0.77% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Fairland, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Fairland, Oklahoma. 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 Delaware 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 Fairland, 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. For example, the median home price is $79,963, with tax bills ranging from $367 at the 25th percentile to $1,365 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 74343, with a median tax bill of $595. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fairland Assessed Value
$79,963
Average Delaware County Assessed Value
$141,764
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairland, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74343 | $37,601 | $55,914 | $79,963 | $113,883 | $188,546 |
Source: Ownwell
Property Tax Bills Across Fairland, Oklahoma
In Fairland, located in Delaware County, OK, 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 property size, location, and improvements can influence the assessed value. For instance, the median home price in Fairland is $79,963, resulting in varying tax bills across different percentiles. Homeowners at the 25th percentile can expect a tax bill around $367, while those at the 75th percentile might see a bill closer to $656. At the 90th percentile, tax bills can reach up to $1,365. This system ensures that property taxes are proportionate to the value of the property, impacting homeowners by correlating their tax obligations with their property's worth. Compared to the national median property tax rate of 0.99%, Fairland's tax rates reflect the local economic conditions and property values.
Average Fairland Tax Bill
$595
Average Delaware County Tax Bill
$1,031
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairland, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74343 | $228 | $367 | $595 | $656 | $1,365 |
Source: Ownwell