Commerce, Oklahoma Property Taxes
The median property tax rate in Commerce, OK is 0.72%, 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 $50,252 in Commerce, the typical annual property tax bill is $308, significantly less than the national median of $2,690. Property taxes in Commerce are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Commerce'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 Commerce 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
Commerce, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$362
Ownwell’s Commerce Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Commerce with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Commerce 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 Commerce, Oklahoma
Property taxes in Commerce, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Commerce is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Commerce set these rates annually, and they can vary significantly across different neighborhoods. Each year, Commerce 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 Commerce's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74339 zip code has the highest median property tax rate of 0.72%, while the same zip code also has the lowest median tax rate of 0.72%. Understanding how these cities compare with Commerce provides valuable insights into the varying tax landscape across Ottawa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Commerce Tax Rate
0.72%
Average Ottawa County Tax Rate
0.80%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Commerce, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74339 | 0.27% | 0.45% | 0.72% | 1.02% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Commerce, Oklahoma
In Commerce, 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 Ottawa 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 Commerce, 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 Commerce helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 74339 has the highest median tax bill at $308.00, while the lowest median tax bill is also $308.00.
Average Commerce Assessed Value
$50,252
Average Ottawa County Assessed Value
$84,000
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Commerce, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74339 | $20,985 | $33,240 | $50,252 | $76,817 | $101,384 |
Source: Ownwell
Property Tax Bills Across Commerce, Oklahoma
In Commerce, Ottawa County, OK, property tax bills are a crucial consideration for homeowners. The tax bill is determined based on the assessed value of the property, which is a percentage of the market value, and the local tax rate. With a median home price of $50,252, homeowners can expect varying tax bills. For instance, the 25th percentile tax bill stands at $170, while the 75th percentile reaches $546, and the 90th percentile goes up to $819. These figures highlight the range of property tax obligations within the area. The highest and lowest median tax bill in Commerce is $308, which is notably lower than the national median property tax rate of 0.99%. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the final tax bill. Understanding these elements is essential for homeowners, as property taxes impact overall housing costs and long-term financial planning. The relatively lower tax rates in Commerce can be an appealing factor for potential homebuyers.
Average Commerce Tax Bill
$308
Average Ottawa County Tax Bill
$593
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Commerce, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74339 | $98 | $170 | $308 | $546 | $819 |
Source: Ownwell