Okeene, Oklahoma Property Taxes
The median property tax rate in Okeene, OK is 0.85%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $139,650 in Okeene, the typical annual property tax bill is $1,102, significantly below the national median of $2,690. Property taxes in Okeene are calculated based on the assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Okeene'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 Okeene or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Okeene, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$1,187
Ownwell’s Okeene Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Okeene with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Okeene 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 Okeene, Oklahoma
Property taxes in Okeene, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Okeene is 0.85%, which is lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Okeene set these rates annually, and they can vary significantly across different neighborhoods. Each year, Okeene 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 Okeene's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73763 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 Okeene 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 Okeene Tax Rate
0.85%
Average Major County Tax Rate
0.83%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Okeene, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73763 | 0.61% | 0.78% | 0.85% | 0.96% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Okeene, Oklahoma
In Okeene, 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 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 Okeene, 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. For context, the median home price in Okeene is $139,650. The tax bill for the 25th percentile is $620, for the 75th percentile is $1531, and for the 90th percentile is $1742. The highest and lowest median tax bills are both $1102 in the zip code 73763. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Okeene Assessed Value
$139,650
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 Okeene, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73763 | $57,459 | $78,265 | $139,650 | $181,276 | $208,670 |
Source: Ownwell
Property Tax Bills Across Okeene, Oklahoma
In Okeene, located in Major County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, a home with a median market price of $139,650 will have its assessed value determined by the county assessor. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. The tax rate in Okeene is relatively low compared to the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the property's location, its assessed value, and any applicable exemptions or deductions. Homeowners in Okeene can expect property tax bills ranging significantly, with the 25th percentile at $620 and the 75th percentile at $1,531. This variation means that while some homeowners may enjoy lower tax bills, others might face higher costs, impacting their overall housing expenses. The highest median tax bill in the area is $1,102, which is still lower than many other regions nationally.
Average Okeene Tax Bill
$1,102
Average Major County Tax Bill
$720
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Okeene, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73763 | $392 | $620 | $1,102 | $1,531 | $1,742 |
Source: Ownwell