Ratliff City, Oklahoma Property Taxes
The median property tax rate in Ratliff City, OK is 0.71%, 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 $81,889 in Ratliff City, the typical annual property tax bill is about $531, significantly below the national median of $2,690. Property taxes in Ratliff City are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Ratliff City'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 Ratliff City 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
Ratliff City, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$581
Ownwell’s Ratliff City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ratliff City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ratliff City 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 Ratliff City, Oklahoma
Property taxes in Ratliff City, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ratliff City is 0.71%, which is lower than the U.S. national median of 0.99%. Local government entities within Ratliff City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ratliff City 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 Ratliff City's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73481 has the highest median property tax rate of 0.71%, while the same zip code also has the lowest median tax rate of 0.71%. Understanding how these cities compare with Ratliff City provides valuable insights into the varying tax landscape across Garvin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ratliff City Tax Rate
0.71%
Average Garvin County Tax Rate
0.69%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ratliff City, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73481 | 0.46% | 0.55% | 0.71% | 0.82% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Ratliff City, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Ratliff City, 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 Garvin 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 Ratliff City, 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 Ratliff City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $531.00, found in the zip code 73481.
Average Ratliff City Assessed Value
$81,889
Average Garvin County Assessed Value
$84,504
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ratliff City, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73481 | $76,247 | $78,362 | $81,889 | $127,130 | $154,275 |
Source: Ownwell
Property Tax Bills Across Ratliff City, Oklahoma
In Ratliff City, located in Garvin County, OK, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the home's market value, and this figure is multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $81,889, homeowners in Ratliff City can expect a range of property tax bills. The 25th percentile tax bill is around $426, while the 75th percentile reaches up to $1,068. At the 90th percentile, taxes can go as high as $1,390. These tax bills have a significant impact on homeowners, influencing their overall cost of living and affecting decisions related to buying or selling property. Compared to the national median property tax rate of 0.99%, Ratliff City's property taxes can be considered relatively manageable. However, the precise amount each homeowner pays will depend on the specific assessed value of their property and the applicable tax rate.
Average Ratliff City Tax Bill
$531
Average Garvin County Tax Bill
$559
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Ratliff City, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73481 | $363 | $426 | $531 | $1,068 | $1,390 |
Source: Ownwell