Sand Springs, Oklahoma Property Taxes
The median property tax rate in Sand Springs, OK is 1.20%, higher than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Sand Springs at $125,514, the typical annual property tax bill reaches $1,426, which is below the national median of $2,690. Property taxes in Sand Springs are calculated based on the tax assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. Navigating Sand Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Sand Springs 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
Sand Springs, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$1,506
Ownwell’s Sand Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sand Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sand Springs 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 Sand Springs, Oklahoma
Property taxes in Sand Springs, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sand Springs is 1.20%, significantly higher than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Sand Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sand Springs 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 Sand Springs' effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74063 has the highest median property tax rate of 1.20%, while the lowest median tax rate is also 1.20%. Understanding how these cities compare with Sand Springs 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 Sand Springs Tax Rate
1.20%
Average Tulsa County Tax Rate
1.31%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sand Springs, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74063 | 0.90% | 1.03% | 1.20% | 1.29% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Sand Springs, Oklahoma
In Sand Springs, 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 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 Sand Springs, 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 Sand Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Sand Springs are both $1,426 in the 74063 zip code.
Average Sand Springs Assessed Value
$125,514
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 Sand Springs, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74063 | $49,900 | $82,030 | $125,514 | $184,896 | $258,000 |
Source: Ownwell
Property Tax Bills Across Sand Springs, Oklahoma
Property tax bills in Sand Springs, located in Tulsa County, OK, are calculated based on the assessed value of a property, which is typically a percentage of its market value. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions. For a median home price of $125,514, homeowners can expect varying tax bills. For instance, tax bills at the 25th percentile are around $904, while those at the 75th percentile reach $2,130. The highest median tax bill in the area is $1,426, and this value is consistent across the 74063 zip code. These figures demonstrate how property taxes can significantly impact homeowners, with tax bills potentially reaching up to $3,180 at the 90th percentile. Compared to the national median property tax rate of 0.99%, the property tax rates in Sand Springs can be relatively high, influencing the overall cost of homeownership.
Average Sand Springs Tax Bill
$1,426
Average Tulsa County Tax Bill
$1,876
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Sand Springs, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74063 | $527 | $904 | $1,426 | $2,130 | $3,180 |
Source: Ownwell