Seminole, Oklahoma Property Taxes
The median property tax rate in Seminole, OK is 0.90%, slightly below both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Seminole, the typical annual property tax bill reaches $524, which is significantly lower than the national median of $2,690. Property taxes in Seminole are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Seminole'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 Seminole 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
Seminole, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$591
Ownwell’s Seminole Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Seminole with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Seminole to provide an estimate of your property tax bill. This intuitive tool offers a clear understanding of potential tax liabilities. For those interested in more detailed insights, you can explore trends at a neighborhood level by scrolling down for localized information. Your property’s assessed value, determined by the county, is crucial for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Seminole, Oklahoma
Property taxes in Seminole, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Seminole is 0.90%, which is lower than the U.S. national median of 0.99%. Local government entities within Seminole set these rates annually, and they can vary significantly across different neighborhoods. Each year, Seminole 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 Seminole's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74868 zip code has the highest median property tax rate of 0.90%, while the same zip code also has the lowest median tax rate of 0.90%. Understanding how these areas compare with Seminole provides valuable insights into the varying tax landscape across the county, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Seminole Tax Rate
0.90%
Average Seminole County Tax Rate
0.75%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Seminole, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74868 | 0.43% | 0.64% | 0.90% | 1.17% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Seminole, Oklahoma
In Seminole, 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 local 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 Seminole, 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 Seminole helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Seminole, the highest median tax bill is $524 in the 74868 zip code, while the lowest median tax bill is also $524 in the same zip code.
Average Seminole Assessed Value
$65,694
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 Seminole, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74868 | $19,760 | $34,861 | $65,694 | $120,590 | $193,152 |
Source: Ownwell
Property Tax Bills Across Seminole, Oklahoma
In Seminole, Oklahoma, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For example, if the median home price is $65,694, the assessed value is typically a fraction of this amount, determined by the county assessor's office. Once the assessed value is established, local tax rates are applied to calculate the final tax bill. Factors considered in this calculation include the property's location within the county, any applicable exemptions, and the specific tax rates set by local taxing authorities. Homeowners in Seminole can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is around $271, while the 75th percentile reaches $1,022, and the 90th percentile can be as high as $1,744. Compared to the national median property tax rate of 0.99%, Seminole's tax bills reflect the local economic conditions and property values, impacting homeowners' annual financial planning and overall cost of living.
Average Seminole Tax Bill
$524
Average Seminole County Tax Bill
$442
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Seminole, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74868 | $147 | $271 | $524 | $1,022 | $1,744 |
Source: Ownwell