Isabella, Oklahoma Property Taxes
The median property tax rate in Isabella, OK is 0.80%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Isabella, the typical annual property tax bill is $830, significantly below the national median of $2,690. Property taxes in Isabella are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Isabella'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 Isabella or another part of Major County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Isabella, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$885
Ownwell’s Isabella Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Isabella with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Isabella 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 Isabella, Oklahoma
Property taxes in Isabella, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Isabella is 0.58%, which is lower than both the Oklahoma state median of 0.87% and the U.S. national median of 0.99%. Local government entities within Isabella set these rates annually, and they can vary significantly across different neighborhoods. Each year, Isabella 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 Isabella's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the highest median property tax rate in the region is found in 73747, with a rate of 0.58%, while the lowest median tax rate is also in 73747, at 0.58%. Understanding how these cities compare with Isabella 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 Isabella 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 Isabella, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73747 | 0.45% | 0.62% | 0.80% | 0.91% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Isabella, Oklahoma
In Isabella, 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 Isabella, 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 Isabella helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 73747 has both the highest and lowest median tax bills, each at $830, reflecting the diversity in property values within the area.
Average Isabella Assessed Value
$110,563
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 Isabella, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73747 | $45,341 | $77,378 | $110,563 | $161,313 | $267,269 |
Source: Ownwell
Property Tax Bills Across Isabella, Oklahoma
In Isabella, located in Major County, OK, property tax bills are calculated based on the assessed value of the property, which is typically a percentage of the market value. The local tax rate is then applied to this assessed value to determine the tax bill. For example, with a median home price of $110,563, homeowners can expect varying tax bills depending on specific assessments and exemptions. The 25th percentile tax bill is around $506, while the 75th percentile reaches $1,404, and the 90th percentile can go up to $2,167. These figures show how property taxes can significantly affect homeowners, with higher-valued properties incurring larger tax bills. Compared to the national median property tax rate of 0.99%, Isabella's tax rates offer a unique perspective on property tax burdens within the region. Understanding these calculations helps homeowners anticipate their financial obligations and manage their budgets accordingly.
Average Isabella Tax Bill
$830
Average Major County Tax Bill
$720
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Isabella, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73747 | $224 | $506 | $830 | $1,404 | $2,167 |
Source: Ownwell