Prague, Oklahoma Property Taxes
The median property tax rate in Prague, OK is 0.99%, aligning with the national median of 0.99% and slightly above the Oklahoma state median of 0.97%. With the median home value in Prague at $96,098, the typical annual property tax bill is around $841, which is below the national median of $2,690. Property taxes in Prague are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Prague'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 Prague 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
Prague, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$951
Ownwell’s Prague Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Prague with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prague 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 Prague, Oklahoma
Property taxes in Prague, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Prague stands at 0.99%, which aligns with the U.S. national median of 0.99%. Local government entities within Prague set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prague 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 Prague's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74864 zip code has both the highest and the lowest median property tax rate of 0.99%. Understanding how these cities compare with Prague 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 Prague Tax Rate
0.99%
Average Lincoln County Tax Rate
0.78%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prague, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74864 | 0.54% | 0.75% | 0.99% | 1.13% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Prague, Oklahoma
In Prague, 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 Prague, 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 Prague helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Prague are both $841, found in the 74864 zip code.
Average Prague Assessed Value
$96,098
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 Prague, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74864 | $35,685 | $58,424 | $96,098 | $165,243 | $247,985 |
Source: Ownwell
Property Tax Bills Across Prague, Oklahoma
In Prague, located in Lincoln County, OK, property tax bills are calculated based on the assessed value of a home. This assessed value is a percentage of the home's market value, which is determined by local assessors. For example, with a median home price of $96,098, homeowners can expect their property tax bill to be a fraction of this amount, adjusted according to local tax rates. Several factors influence the final tax bill, including the property's assessed value, the local tax rate, and any applicable exemptions. The tax bill can vary significantly; for instance, the 25th percentile tax bill is $480, while the 75th percentile reaches $1,565, and the 90th percentile can be as high as $2,494. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting homeowners. Compared to the national median property tax rate of 0.99%, Prague's rates offer a unique perspective on local financial obligations and community support.
Average Prague Tax Bill
$841
Average Lincoln County Tax Bill
$648
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Prague, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74864 | $268 | $480 | $841 | $1,565 | $2,494 |
Source: Ownwell