Choctaw, Oklahoma Property Taxes
The median property tax rate in Choctaw, OK is 1.00%, slightly higher than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Choctaw at $262,000, the typical annual property tax bill reaches $2,509, which is below the national median of $2,690. Property taxes in Choctaw are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Choctaw'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 Choctaw 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
Choctaw, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$2,620
Ownwell’s Choctaw Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Choctaw with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Choctaw 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 Choctaw, Oklahoma
Property taxes in Choctaw, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Choctaw is 1.00%, slightly higher than the U.S. national median of 0.99%. Local government entities within Choctaw set these rates annually, and they can vary significantly across different neighborhoods. Each year, Choctaw 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 Choctaw's effective property tax rate to other areas and the national median. For comparison, the 73020 zip code has the highest median property tax rate of 1.00%, while the same zip code also has the lowest median tax rate of 1.00%. Understanding how these cities compare with Choctaw provides valuable insights into the varying tax landscape across Oklahoma County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Choctaw Tax Rate
1.00%
Average Oklahoma County Tax Rate
1.00%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Choctaw, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73020 | 0.70% | 0.88% | 1.00% | 1.14% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Choctaw, Oklahoma
In Choctaw, 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 Oklahoma 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 Choctaw, 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. The median home price in Choctaw is $262,000, with tax bills ranging from $1,618 at the 25th percentile to $5,020 at the 90th percentile. 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 Choctaw helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Choctaw Assessed Value
$262,000
Average Oklahoma County Assessed Value
$192,500
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Choctaw, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73020 | $117,000 | $181,000 | $262,000 | $359,500 | $474,500 |
Source: Ownwell
Property Tax Bills Across Choctaw, Oklahoma
In Choctaw, Oklahoma, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate set by various taxing authorities, including the county, school districts, and other local entities. For instance, with a median home price of $262,000, homeowners can expect their tax bill to vary significantly. The 25th percentile tax bill stands at $1,618, while the 75th percentile reaches $3,717, and the 90th percentile goes up to $5,020. This variation is influenced by factors such as property location, improvements, and exemptions for which the homeowner might qualify. The median property tax rate in Choctaw is relatively modest compared to the national median of 0.99%. For homeowners, understanding these factors is crucial as they directly impact annual expenses. Staying informed about potential exemptions and appealing assessed values can help manage and possibly reduce property tax bills.
Average Choctaw Tax Bill
$2,509
Average Oklahoma County Tax Bill
$1,891
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Choctaw, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73020 | $912 | $1,618 | $2,509 | $3,717 | $5,020 |
Source: Ownwell