Fairland, Oklahoma Property Taxes
The median property tax rate in Fairland, OK is 0.76%, 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 $97,177, the typical annual property tax bill in Fairland is approximately $641, significantly below the national median of $2,690. Property taxes in Fairland are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Fairland'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 Fairland 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
Fairland, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$739
Ownwell’s Fairland Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Fairland with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate for Fairland to provide an estimated property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in more granular trends, localized information is available further down the page. Your property’s assessed value is determined by Ottawa County for property tax purposes and takes into account any applicable exemptions.
Property Tax Rates Across Fairland, Oklahoma
Property taxes in Fairland, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairland is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Fairland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairland 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 Fairland's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the 74343 zip code has the same median property tax rate of 0.76%. Understanding how these areas compare with Fairland 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 Fairland Tax Rate
0.76%
Average Ottawa County Tax Rate
0.80%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairland, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74343 | 0.36% | 0.53% | 0.76% | 0.94% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Fairland, Oklahoma
In Fairland, 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 Fairland, 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 Fairland is $97,177, with the tax bill ranging from $332 at the 25th percentile to $1,795 at the 90th percentile. The highest and lowest median tax bills are both $641, found in the 74343 zip code. 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 Fairland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fairland Assessed Value
$97,177
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 Fairland, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74343 | $28,275 | $56,617 | $97,177 | $150,208 | $217,755 |
Source: Ownwell
Property Tax Bills Across Fairland, Oklahoma
In Fairland, Oklahoma, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The median home price in Fairland is $97,177, and property taxes are determined by applying the local tax rate to this assessed value. The tax bill is influenced by various factors, including property size, location, and any applicable exemptions. For homeowners in Fairland, the tax bill can vary significantly. The 25th percentile tax bill is around $332, while the 75th percentile tax bill reaches $1,089. At the 90th percentile, homeowners might pay as much as $1,795. The highest and lowest median tax bills in Fairland are both recorded at $641 for the zip code 74343, indicating some consistency within the area. Understanding these factors helps homeowners anticipate their annual tax obligations. Compared to the national median property tax rate of 0.99%, Fairland's property taxes can be relatively manageable, although they can still have a significant impact on household budgets.
Average Fairland Tax Bill
$641
Average Ottawa County Tax Bill
$593
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairland, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74343 | $169 | $332 | $641 | $1,089 | $1,795 |
Source: Ownwell