Perkins, Oklahoma Property Taxes
The median property tax rate in Perkins, OK is 0.85%, which is notably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $113,550 in Perkins, the typical annual property tax bill is approximately $831, significantly below the national median of $2,690. Property taxes in Perkins are calculated based on the assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Perkins'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 Perkins 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
Perkins, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$965
Ownwell’s Perkins Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Perkins with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Perkins 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 Perkins, Oklahoma
Property taxes in Perkins, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Perkins is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Perkins set these rates annually, and they can vary significantly across different neighborhoods. Each year, Perkins 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 Perkins' effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74059 has the highest median property tax rate of 0.85%, while the same zip code also has the lowest median tax rate of 0.85%. Understanding how these cities compare with Perkins 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 Perkins Tax Rate
0.85%
Average Lincoln County Tax Rate
0.78%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Perkins, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74059 | 0.44% | 0.65% | 0.85% | 1.02% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Perkins, Oklahoma
In Perkins, 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 Lincoln 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 Perkins, 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 Perkins helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 74059 in Perkins has a median tax bill of $831, which is consistent across the board, highlighting the importance of understanding your tax assessment to possibly lower your tax bill.
Average Perkins Assessed Value
$113,550
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 Perkins, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74059 | $32,055 | $62,747 | $113,550 | $213,954 | $323,440 |
Source: Ownwell
Property Tax Bills Across Perkins, Oklahoma
In Perkins, located in Lincoln County, OK, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This value is a percentage of the home's market value. For example, if the median home price in Perkins is $113,550, the assessed value would be a fraction of this amount, subject to the local assessment ratio. The property tax rate is then applied to the assessed value to determine the annual tax bill. Various factors such as property size, location, and improvements can influence the assessed value. The tax bill can vary significantly within the region, with the 25th percentile paying around $361 and the 75th percentile facing bills as high as $1,856. For those in the 90th percentile, the tax bill can reach up to $3,009. These property taxes fund essential local services, including schools, public safety, and infrastructure, directly impacting the quality of life for homeowners in Perkins. Understanding these factors helps homeowners better anticipate their annual financial obligations.
Average Perkins Tax Bill
$831
Average Lincoln County Tax Bill
$648
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Perkins, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74059 | $186 | $361 | $831 | $1,856 | $3,009 |
Source: Ownwell