Owasso, Oklahoma Property Taxes
The median property tax rate in Owasso, OK is 1.13%, higher than both the national median of 0.99% and Oklahoma's state median of 0.97%. With the median home value in Owasso at $191,526, the typical annual property tax bill reaches $2,114, which is below the national median of $2,690. Property taxes in Owasso are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Owasso'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 Owasso 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
Owasso, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.13%
Estimate Property Tax Bill
$2,164
Ownwell’s Owasso Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Owasso effortlessly. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Owasso to provide an accurate estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in more detailed trends on a neighborhood level, further localized information is available below. Your property’s assessed value is the amount determined by Tulsa County for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Owasso, Oklahoma
Property taxes in Owasso, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Owasso is 1.13%, higher than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Owasso set these rates annually, and they can vary significantly across different neighborhoods. Each year, Owasso 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 Owasso's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74055 zip code has the highest median property tax rate of 1.13%, while the same zip code also has the lowest median tax rate of 1.13%. Understanding how these cities compare with Owasso provides valuable insights into the varying tax landscape across Tulsa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Owasso Tax Rate
1.13%
Average Tulsa County Tax Rate
1.31%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Owasso, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74055 | 0.94% | 1.02% | 1.13% | 1.23% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Owasso, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Owasso, Oklahoma. 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 Tulsa 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 Owasso, 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 Owasso is $191,526, with property tax bills ranging from $1,554 at the 25th percentile to $3,621 at the 90th percentile. The highest and lowest median tax bills are both $2,114 in the 74055 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 Owasso helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Owasso Assessed Value
$191,526
Average Tulsa County Assessed Value
$152,469
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Owasso, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74055 | $100,149 | $143,264 | $191,526 | $256,804 | $320,275 |
Source: Ownwell
Property Tax Bills Across Owasso, Oklahoma
Property tax bills in Owasso, located in Tulsa County, OK, are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $191,526, homeowners can expect varying tax bills depending on their property's specific assessment and applicable exemptions. Factors influencing the tax bill include the property's location within the city, improvements made to the property, and any applicable tax exemptions. In Owasso, the tax bill for the 25th percentile is around $1,554, while those in the 75th percentile can see bills up to $2,867. At the 90th percentile, the tax bill can reach as high as $3,621. The highest median tax bill recorded in the area is $2,114, indicating a significant range depending on individual circumstances. These property taxes contribute to local services, including schools, emergency services, and infrastructure, directly impacting homeowners and their community.
Average Owasso Tax Bill
$2,114
Average Tulsa County Tax Bill
$1,876
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Owasso, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74055 | $1,150 | $1,554 | $2,114 | $2,867 | $3,621 |
Source: Ownwell