Fallis, Oklahoma Property Taxes
The median property tax rate in Fallis, OK is 0.78%, 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 $39,356 in Fallis, the typical annual property tax bill amounts to $342, significantly below the national median of $2,690. Property taxes in Fallis are calculated based on the assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Fallis'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 Fallis or another part of Lincoln County, grasping the local property tax nuances will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fallis, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$307
Ownwell’s Fallis Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fallis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fallis 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 Fallis, Oklahoma
Property taxes in Fallis, Oklahoma, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Fallis is 0.78%, which is lower than the U.S. national median of 0.99%. Local government entities within Fallis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fallis 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 Fallis's effective property tax rate to other regions in Oklahoma and the national median. For comparison, the zip code 74881 has both the highest and lowest median property tax rate in the area at 0.78%. Understanding how these areas compare with Fallis provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fallis Tax Rate
0.78%
Average Lincoln County Tax Rate
0.78%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fallis, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74881 | 0.69% | 0.72% | 0.78% | 0.84% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Fallis, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Fallis, 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 Lincoln 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 Fallis, 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 instance, the median home price in Fallis is $39,356. The annual tax bill varies widely, with the 25th percentile at $206 and the 75th percentile at $478. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fallis Assessed Value
$39,356
Average Lincoln County Assessed Value
$92,516
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fallis, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74881 | $16,168 | $24,864 | $39,356 | $53,849 | $62,545 |
Source: Ownwell
Property Tax Bills Across Fallis, Oklahoma
In Fallis, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Fallis is $39,356, and the property tax rate in Lincoln County is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. For instance, the 25th percentile tax bill is $206, while the 75th percentile reaches $478, and the 90th percentile is $560. These figures highlight the variability in tax bills depending on individual property assessments and local tax rates. Compared to the national median property tax rate of 0.99%, homeowners in Fallis experience relatively lower tax bills, which can be a financial relief. Understanding these calculations helps homeowners anticipate their annual property tax expenses and budget accordingly.
Average Fallis Tax Bill
$342
Average Lincoln County Tax Bill
$648
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Fallis, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74881 | $124 | $206 | $342 | $478 | $560 |
Source: Ownwell