Bison, Oklahoma Property Taxes
The median property tax rate in Bison, OK is 1.09%, which is higher than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Bison at $74,150, the typical annual property tax bill is $627, which is below the national median of $2,690. Property taxes in Bison 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 Bison'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 Bison 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
Bison, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$808
Ownwell’s Bison Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bison with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bison 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 Bison, Oklahoma
Property taxes in Bison, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bison is 1.09%, higher than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Bison set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bison 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 Bison's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73720 zip code has the highest median property tax rate of 1.09%, while the same zip code also has the lowest median tax rate of 1.09%. Understanding how these cities compare with Bison provides valuable insights into the varying tax landscape across Garfield, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bison Tax Rate
1.09%
Average Garfield County Tax Rate
1.14%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bison, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73720 | 0.50% | 0.86% | 1.09% | 1.20% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Bison, Oklahoma
In Bison, 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 Garfield County Appraisal District 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 Bison, 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 Bison helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Bison is $74,150. The zip code with the highest median tax bill is 73720, with a tax bill of $627.00, while the zip code with the lowest median tax bill is also 73720, with the same tax bill of $627.00.
Average Bison Assessed Value
$74,150
Average Garfield County Assessed Value
$94,470
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bison, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73720 | $17,790 | $38,160 | $74,150 | $124,040 | $171,595 |
Source: Ownwell
Property Tax Bills Across Bison, Oklahoma
In Bison, property tax bills are calculated based on the assessed value of a home, which is determined by the local county assessor. This assessed value typically represents a percentage of the property's market value. For homeowners in Bison, the median home price is $74,150. Property tax rates are applied to this assessed value to determine the annual tax bill. In Garfield County, where Bison is located, the property tax bills vary significantly. Homeowners at the 25th percentile can expect to pay around $358 annually, while those at the 75th percentile may pay approximately $1,130. For those in the 90th percentile, the tax bill can be as high as $1,866. The highest and lowest median tax bills in the county are both $627, indicating some consistency in certain areas. These property taxes fund essential public services such as schools, infrastructure, and emergency services. Understanding how these taxes are calculated helps homeowners budget accordingly and appreciate the value they receive from their contributions to the community.
Average Bison Tax Bill
$627
Average Garfield County Tax Bill
$950
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Bison, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73720 | $132 | $358 | $627 | $1,130 | $1,866 |
Source: Ownwell