Fairview, Oklahoma Property Taxes
The median property tax rate in Fairview, Oklahoma is 0.80%, lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $86,412 in Fairview, the typical annual property tax bill amounts to $691, which is significantly below the national median of $2,690. Property taxes in Fairview are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Fairview'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 Fairview or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fairview, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$691
Ownwell’s Fairview Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairview with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairview 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 Fairview, Oklahoma
Property taxes in Fairview, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairview is 0.47%, which is significantly lower than both the Oklahoma state median of 0.87% and the U.S. national median of 0.99%. Local government entities within Fairview set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairview 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 Fairview's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the highest median property tax rate in Oklahoma is 1.28% in 73703, while the lowest median tax rate is 0.47% in 73737. Understanding how these cities compare with Fairview provides valuable insights into the varying tax landscape across Major County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairview Tax Rate
0.80%
Average Major County Tax Rate
0.83%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairview, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73737 | 0.46% | 0.63% | 0.80% | 0.94% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Fairview, Oklahoma
In Fairview, 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 Major 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 Fairview, 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 Fairview helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 73737, with a median bill of $691, while the lowest is also 73737, with the same median bill of $691.
Average Fairview Assessed Value
$86,412
Average Major County Assessed Value
$92,366
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairview, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73737 | $27,507 | $47,047 | $86,412 | $146,427 | $222,503 |
Source: Ownwell
Property Tax Bills Across Fairview, Oklahoma
In Fairview, OK, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is a percentage of the property's market value. For instance, with a median home price of $86,412, homeowners can expect their property taxes to be calculated on a portion of this value. Several factors contribute to the final tax bill, including the property's location within Major County and any applicable exemptions or deductions. For example, the 25th percentile tax bill in Fairview is $337, while the 75th percentile tax bill is $1,248, indicating a range of tax liabilities depending on the property's assessed value and specific circumstances. These property taxes directly impact homeowners by influencing their annual financial obligations. Compared to the national median property tax rate of 0.99%, Fairview's tax rates can vary, highlighting the importance of understanding local tax assessments and possible exemptions to manage costs effectively.
Average Fairview Tax Bill
$691
Average Major County Tax Bill
$720
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairview, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73737 | $161 | $337 | $691 | $1,248 | $1,931 |
Source: Ownwell