Okay, Oklahoma Property Taxes
The median property tax rate in OKAY, OK is 0.50%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $71,542 in OKAY, the typical annual property tax bill amounts to $302, which is well below the national median of $2,690. Property taxes in OKAY are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding OKAY'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 OKAY or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Okay, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$358
Ownwell’s OKAY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in OKAY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in OKAY 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 Okay, Oklahoma
Property taxes in OKAY, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in OKAY is 0.50%, which is lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within OKAY set these rates annually, and they can vary significantly across different neighborhoods. Each year, OKAY 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 OKAY's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74446 zip code has the highest median property tax rate of 0.50%, while the same zip code also has the lowest median tax rate of 0.50%. Understanding how these cities compare with OKAY 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 Okay Tax Rate
0.50%
Average Wagoner County Tax Rate
0.86%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Okay, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74446 | 0.27% | 0.38% | 0.50% | 0.73% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Okay, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in OKAY, OK. 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 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 OKAY, 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. For instance, the median home price in OKAY is $71,542, with the tax bill at the 25th percentile being $227 and at the 75th percentile being $593. The highest median tax bill recorded is $302 in the 74446 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 OKAY helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Okay Assessed Value
$71,542
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 Okay, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74446 | $24,304 | $55,607 | $71,542 | $107,918 | $146,346 |
Source: Ownwell
Property Tax Bills Across Okay, Oklahoma
In OKAY, located in Wagoner County, OK, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in the area stands at $71,542. To determine the tax bill, local tax rates are applied to the assessed value. Factors such as property type, exemptions, and local levies also play a crucial role in the final calculation. For homeowners in OKAY, the property tax bill can vary significantly. The 25th percentile tax bill is around $227, while the 75th percentile reaches up to $593. At the 90th percentile, homeowners might pay as much as $728. The highest and lowest median tax bills in the county are both $302, indicating some consistency within the region. Compared to the national median property tax rate of 0.99%, Wagoner County's rates offer a relatively affordable option for homeowners. Understanding these factors can help residents anticipate their annual expenses and plan their finances accordingly.
Average Okay Tax Bill
$302
Average Wagoner County Tax Bill
$1,718
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Okay, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74446 | $146 | $227 | $302 | $593 | $728 |
Source: Ownwell