Elk City, Oklahoma Property Taxes
The median property tax rate in Elk City, OK is 0.79%, which is notably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Elk City at $156,500, the typical annual property tax bill amounts to $1,185, significantly less than the national median of $2,690. Property taxes in Elk City 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 Elk 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 Elk City 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
Elk City, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$1,236
Ownwell’s Elk City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elk City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elk 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 Elk City, Oklahoma
Property taxes in Elk City, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elk City is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Elk City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elk 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 Elk City's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73644 zip code has both the highest and lowest median property tax rate of 0.79%. Understanding how these cities compare with Elk City provides valuable insights into the varying tax landscape across Roger Mills County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elk City Tax Rate
0.79%
Average Roger Mills County Tax Rate
0.65%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elk City, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73644 | 0.72% | 0.76% | 0.79% | 0.94% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Elk City, Oklahoma
In Elk 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 Roger Mills 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 Elk 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. The median home price in Elk City is $156,500, with tax bills ranging from $707 at the 25th percentile to $2,392 at the 90th percentile. The zip code 73644 has the highest and lowest median tax bill of $1,185. Being aware of these valuation processes in Elk City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Elk City Assessed Value
$156,500
Average Roger Mills County Assessed Value
$80,498
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elk City, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73644 | $34,881 | $72,829 | $156,500 | $177,386 | $273,742 |
Source: Ownwell
Property Tax Bills Across Elk City, Oklahoma
In Elk City, located in Roger Mills County, OK, property tax bills are calculated based on the assessed value of a home. The assessed value is typically a percentage of the market value, which is determined by the local assessor's office. This value is then multiplied by the local tax rate to determine the annual property tax bill. Homeowners in Elk City can expect their tax bills to vary significantly, with the 25th percentile at $707 and the 75th percentile at $1229. For those in the higher tax brackets, the 90th percentile tax bill can reach up to $2392. These property taxes play a crucial role in funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, the tax rates in Elk City can be considered moderate, reflecting the region's home values and economic conditions. Homeowners should be aware of these factors as they directly influence their annual financial obligations and the quality of local public services.
Average Elk City Tax Bill
$1,185
Average Roger Mills County Tax Bill
$507
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Elk City, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73644 | $328 | $707 | $1,185 | $1,229 | $2,392 |
Source: Ownwell