Overbrook, Oklahoma Property Taxes
The median property tax rate in Overbrook, OK is 0.80%, lower than both the national median of 0.99% and Oklahoma's state median of 0.97%. With the median home value in Overbrook at $111,082, the typical annual property tax bill amounts to $814, which is significantly less than the national median of $2,690. Property taxes in Overbrook are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Overbrook'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 Overbrook 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
Overbrook, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$889
Ownwell’s Overbrook Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Overbrook with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Overbrook to provide an estimate of your property tax bill. This insightful tool is designed to help you understand potential tax liabilities. For those interested in more localized trends, additional neighborhood-level information is available by scrolling down. Your property’s assessed value is the figure assigned by Love County for property tax calculations, factoring in any applicable exemptions.
Property Tax Rates Across Overbrook, Oklahoma
Property taxes in Overbrook, Oklahoma, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Overbrook is 0.80%, which is lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Overbrook set these rates annually, and they can vary significantly across different neighborhoods. Each year, Overbrook 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 Overbrook's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73453 has both the highest and lowest median property tax rate of 0.80%. Understanding how these areas compare with Overbrook provides valuable insights into the varying tax landscape across Love County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Overbrook Tax Rate
0.80%
Average Love County Tax Rate
0.93%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Overbrook, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73453 | 0.52% | 0.68% | 0.80% | 0.99% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Overbrook, Oklahoma
In Overbrook, 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 Love 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 Overbrook, 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. Homeowners in Overbrook can expect a median property tax bill of $814, with the highest and lowest median tax bills both being $814 in the 73453 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Overbrook Assessed Value
$111,082
Average Love County Assessed Value
$84,103
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Overbrook, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73453 | $33,146 | $61,002 | $111,082 | $188,125 | $297,768 |
Source: Ownwell
Property Tax Bills Across Overbrook, Oklahoma
In Overbrook, located in Love County, OK, property tax bills are calculated based on the assessed value of your home. The assessed value is typically a percentage of the market value determined by the county assessor. Factors such as property size, location, and improvements can influence this value. Once the assessed value is established, the local tax rate, which varies by jurisdiction, is applied to determine the annual property tax bill. For homeowners in Overbrook, property taxes can have a significant impact. For instance, the median home price in Overbrook is approximately $111,082. With the national median property tax rate at 0.99%, the tax bill for a median-priced home would be around $1,100. However, in Overbrook, tax bills can vary widely. The 25th percentile tax bill is $414, while the 75th percentile reaches $1,781, and the 90th percentile can go up to $2,892. These variations highlight how different factors can affect individual tax bills, influencing a homeowner's annual financial obligations.
Average Overbrook Tax Bill
$814
Average Love County Tax Bill
$778
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Overbrook, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73453 | $266 | $414 | $814 | $1,781 | $2,892 |
Source: Ownwell