Sasakwa, Oklahoma Property Taxes
The median property tax rate in Sasakwa, OK is 0.66%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Sasakwa at $76,496, the typical annual property tax bill is $500, significantly below the national median of $2,690. Property taxes in Sasakwa 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 Sasakwa'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 Sasakwa 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
Sasakwa, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$505
Ownwell’s Sasakwa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sasakwa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sasakwa 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 Sasakwa, Oklahoma
Property taxes in Sasakwa, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sasakwa is 0.66%, which is lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Sasakwa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sasakwa 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 Sasakwa's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74867 has both the highest and lowest median property tax rate of 0.66%. Understanding how these cities compare with Sasakwa provides valuable insights into the varying tax landscape across Seminole County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sasakwa Tax Rate
0.66%
Average Seminole County Tax Rate
0.75%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sasakwa, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74867 | 0.36% | 0.50% | 0.66% | 0.88% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Sasakwa, Oklahoma
In Sasakwa, 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 Seminole 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 Sasakwa, 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 Sasakwa is $76,496, with tax bills ranging from $240 at the 25th percentile to $1,313 at the 90th percentile. The highest and lowest median tax bills are both $500 in the 74867 zip code. Being aware of these valuation processes in Sasakwa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Sasakwa Assessed Value
$76,496
Average Seminole County Assessed Value
$62,317
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sasakwa, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74867 | $22,169 | $41,013 | $76,496 | $118,624 | $164,761 |
Source: Ownwell
Property Tax Bills Across Sasakwa, Oklahoma
In Sasakwa, property tax bills are calculated based on the assessed value of a home, which is determined by the Seminole County Assessor's office. The assessed value is a percentage of the property's market value. Factors such as property size, location, and improvements can influence the assessed value. Sasakwa's property tax rate is relatively low compared to the national median of 0.99%, which can result in significant savings for homeowners. For example, with a median home price of $76,496, property tax bills can vary widely. Homeowners in the 25th percentile might pay around $240, while those in the 75th percentile could see bills as high as $856. At the 90th percentile, tax bills can reach up to $1,313. The highest median tax bill recorded in the area is $500, specifically in the 74867 zip code. These variations can impact homeowners' budgets, making it essential to understand how local assessments and rates affect their annual property tax obligations.
Average Sasakwa Tax Bill
$500
Average Seminole County Tax Bill
$442
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Sasakwa, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74867 | $120 | $240 | $500 | $856 | $1,313 |
Source: Ownwell