Broken Arrow, Oklahoma Property Taxes
The median property tax rate in Broken Arrow, OK is 0.94%, slightly below both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Broken Arrow at $251,176, the typical annual property tax bill amounts to $2,308, which is lower than the national median of $2,690. Property taxes in Broken Arrow are calculated based on the assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Broken Arrow'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 Broken Arrow 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
Broken Arrow, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$2,361
Ownwell’s Broken Arrow Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Broken Arrow with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Broken Arrow to provide an estimate of your property tax bill. This invaluable tool helps you understand potential tax liabilities. For those interested in trends at a neighborhood level, more localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Broken Arrow, Oklahoma
Property taxes in Broken Arrow, Oklahoma, are critical in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Broken Arrow is 0.94%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Broken Arrow set these rates annually, and they can vary significantly across different neighborhoods. Each year, Broken Arrow 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 Broken Arrow's effective property tax rate to other areas in Wagoner County and the national median. For comparison, the 74011 zip code has the highest median property tax rate of 0.98%, while the 74012 zip code has the lowest median tax rate of 0.80%. Understanding how these cities compare with Broken Arrow provides valuable insights into the varying tax landscape across Wagoner County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Broken Arrow Tax Rate
0.94%
Average Wagoner County Tax Rate
0.86%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Broken Arrow, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74011 | 0.91% | 0.93% | 0.98% | 1.02% | 1.04% |
| 74012 | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
| 74014 | 0.64% | 0.80% | 0.94% | 1.07% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Broken Arrow, Oklahoma
In Broken Arrow, 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 Wagoner 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 Broken Arrow, 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 Broken Arrow is $251,176, with tax bills ranging from $1,687 at the 25th percentile to $4,267 at the 90th percentile. The highest median tax bill is $2,904 in zip code 74011, while the lowest is $586 in zip code 74012. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Broken Arrow Assessed Value
$251,176
Average Wagoner County Assessed Value
$214,676
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Broken Arrow, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74011 | $295,119 | $295,948 | $297,328 | $298,708 | $299,537 |
| 74012 | $73,647 | $73,647 | $73,647 | $73,647 | $73,647 |
| 74014 | $79,746 | $205,039 | $251,171 | $314,665 | $420,309 |
Source: Ownwell
Property Tax Bills Across Broken Arrow, Oklahoma
In Broken Arrow, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. Various factors influence this calculation, including the home's location, size, and condition. Homeowners in Broken Arrow can expect their property tax bills to vary significantly. For example, the 25th percentile tax bill is around $1,687, while the 75th percentile reaches $3,061. In some cases, tax bills can go as high as $4,267, as seen in the 90th percentile. The highest median tax bill in the area is $2,904 in zip code 74011, whereas the lowest median tax bill is $586 in zip code 74012. These tax rates can significantly affect homeowners, influencing decisions about buying or selling property and impacting overall affordability. Compared to the national median property tax rate of 0.99%, Broken Arrow offers a range of tax liabilities, reflecting the diverse property values and local tax policies.
Average Broken Arrow Tax Bill
$2,308
Average Wagoner County Tax Bill
$1,718
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Broken Arrow, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74011 | $2,683 | $2,766 | $2,904 | $3,042 | $3,125 |
| 74012 | $586 | $586 | $586 | $586 | $586 |
| 74014 | $707 | $1,687 | $2,308 | $3,061 | $4,267 |
Source: Ownwell