Midwest City, Oklahoma Property Taxes
The median property tax rate in Midwest City, OK is 0.99%, aligning with the national median of 0.99% and slightly higher than the Oklahoma state median of 0.97%. With the median home value in Midwest City at $122,000, the typical annual property tax bill amounts to $1,176, which is below the national median of $2,690. Property taxes in Midwest City are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Midwest City'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 Midwest City 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
Midwest City, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,208
Ownwell’s Midwest City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Midwest City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Midwest City 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 Midwest City, Oklahoma
Property taxes in Midwest City, Oklahoma, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Midwest City is 0.99%, aligning with the U.S. national median of 0.99%. Local government entities within Midwest City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Midwest City 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 Midwest City's effective property tax rate to other areas in Oklahoma County and the national median. For comparison, the 73130 zip code has the highest median property tax rate of 1.22%, while the 73139 zip code has the lowest median tax rate of 0.81%. Understanding how these areas compare with Midwest City 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 Midwest City Tax Rate
0.99%
Average Oklahoma County Tax Rate
1.00%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Midwest City, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73084 | 0.86% | 0.86% | 0.86% | 0.86% | 0.86% |
| 73110 | 0.74% | 0.88% | 0.99% | 1.08% | 1.29% |
| 73130 | 0.95% | 1.17% | 1.22% | 1.37% | 1.41% |
| 73139 | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
| 73140 | 0.80% | 0.85% | 0.92% | 1.00% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Midwest City, Oklahoma
In Midwest City, 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 Midwest City, 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. For example, the highest median tax bill in the area is $3,675 in the 73130 zip code, while the lowest is $868 in the 73139 zip code. Being aware of these valuation processes in Midwest City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Midwest City Assessed Value
$122,000
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 Midwest City, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73084 | $124,000 | $124,000 | $124,000 | $124,000 | $124,000 |
| 73110 | $75,500 | $88,500 | $121,500 | $183,500 | $214,500 |
| 73130 | $166,782 | $226,875 | $286,750 | $330,875 | $347,000 |
| 73139 | $106,705 | $106,705 | $106,705 | $106,705 | $106,705 |
| 73140 | $150,550 | $180,625 | $230,750 | $280,875 | $310,950 |
Source: Ownwell
Property Tax Bills Across Midwest City, Oklahoma
In Midwest City, Oklahoma County, property tax bills are calculated based on the assessed value of the home, which is a fraction of its market value. The local tax rate is then applied to this assessed value. Several factors influence the tax bill, including property location, size, and any applicable exemptions. Homeowners in Midwest City can expect a range of property tax bills, with the 25th percentile at $854 and the 75th percentile at $1,750. For those at the 90th percentile, the tax bill can reach up to $2,405. In comparison, the highest median tax bill in the area is $3,675 in the 73130 zip code, while the lowest is $868 in the 73139 zip code. These tax bills are vital for funding local services such as schools, public safety, and infrastructure, directly affecting homeowners by contributing to the quality of community amenities and services. Understanding these factors can help homeowners anticipate their financial obligations and plan accordingly.
Average Midwest City Tax Bill
$1,176
Average Oklahoma County Tax Bill
$1,891
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Midwest City, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73084 | $1,067 | $1,067 | $1,067 | $1,067 | $1,067 |
| 73110 | $677 | $840 | $1,173 | $1,720 | $2,260 |
| 73130 | $1,945 | $3,157 | $3,675 | $3,975 | $4,247 |
| 73139 | $868 | $868 | $868 | $868 | $868 |
| 73140 | $1,264 | $1,645 | $2,279 | $2,913 | $3,294 |
Source: Ownwell