Savanna, Oklahoma Property Taxes
The median property tax rate in Savanna, Oklahoma is 0.53%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Savanna at $56,363, the typical annual property tax bill amounts to $272, well below the national median of $2,690. Property taxes in Savanna are calculated based on the assessed value, which is often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Savanna'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 Savanna or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Savanna, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$299
Ownwell’s Savanna Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Savanna with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Savanna 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 Savanna, Oklahoma
Property taxes in Savanna, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Savanna is 0.53%, lower than the U.S. national median of 0.99%. Local government entities within Savanna set these rates annually, and they can vary significantly across different neighborhoods. Each year, Savanna 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 Savanna's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74565 has both the highest and lowest median property tax rate of 0.53%. Understanding how these areas compare with Savanna provides valuable insights into the varying tax landscape across Pittsburg County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Savanna Tax Rate
0.53%
Average Pittsburg County Tax Rate
0.73%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Savanna, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74565 | 0.24% | 0.41% | 0.53% | 0.74% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Savanna, Oklahoma
In Savanna, 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 Pittsburg County Assessor's Office 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 Savanna, 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 Savanna helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 74565 has the highest median tax bill at $272, while the lowest median tax bill is also $272, reflecting a uniformity in property tax assessments within the area.
Average Savanna Assessed Value
$56,363
Average Pittsburg County Assessed Value
$87,046
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Savanna, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74565 | $21,749 | $34,618 | $56,363 | $84,697 | $119,291 |
Source: Ownwell
Property Tax Bills Across Savanna, Oklahoma
In Savanna, Pittsburg County, OK, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the property's market value. The local tax rate is then applied to the assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Savanna, the median home price is $56,363. The tax bill varies significantly, with the 25th percentile at $153 and the 75th percentile at $577, indicating a broad range in property tax liabilities. Comparatively, the highest median tax bill in the county is recorded at $272 in the zip code 74565. These property taxes fund essential local services like schools, public safety, and infrastructure. Understanding how these taxes are calculated helps homeowners in Savanna plan their finances and recognize the importance of accurate property assessments.
Average Savanna Tax Bill
$272
Average Pittsburg County Tax Bill
$571
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Savanna, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74565 | $89 | $153 | $272 | $577 | $759 |
Source: Ownwell