Boswell, Oklahoma Property Taxes
The median property tax rate in Boswell, OK is 0.70%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $143,854 in Boswell, the typical annual property tax bill is $941, significantly below the national median of $2,690. Property taxes in Boswell are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Boswell'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 Boswell 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
Boswell, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$1,007
Ownwell’s Boswell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Boswell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Boswell 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 Boswell, Oklahoma
Property taxes in Boswell, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Boswell is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within Boswell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Boswell 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 Boswell's effective property tax rate to other areas in Bryan County and the national median. For comparison, the 74727 zip code has both the highest and lowest median property tax rate in the region at 0.70%. Understanding how these areas compare with Boswell provides valuable insights into the varying tax landscape across Bryan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Boswell Tax Rate
0.70%
Average Bryan County Tax Rate
0.83%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Boswell, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74727 | 0.44% | 0.58% | 0.70% | 0.77% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Boswell, Oklahoma
In Boswell, 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 Bryan County 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 Boswell, 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 Boswell is $143,854, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $553, while the 75th percentile reaches $1,427, and the 90th percentile hits $2,510. 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 Boswell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Boswell Assessed Value
$143,854
Average Bryan County Assessed Value
$117,512
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Boswell, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74727 | $53,837 | $95,863 | $143,854 | $216,685 | $324,646 |
Source: Ownwell
Property Tax Bills Across Boswell, Oklahoma
In Boswell, Bryan County, OK, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors influencing the tax bill include the property’s market value, the local assessment ratio, and the specific tax rate set by local authorities. For homeowners in Boswell, the median home price is $143,854. Tax bills can vary significantly, with the 25th percentile at $553 and the 75th percentile at $1,427. The 90th percentile tax bill reaches up to $2,510. This variation highlights the impact of property values and local tax rates on individual tax obligations. Compared to the national median property tax rate of 0.99%, Bryan County's tax rates can result in varying tax burdens for homeowners. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Boswell Tax Bill
$941
Average Bryan County Tax Bill
$903
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Boswell, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74727 | $371 | $553 | $941 | $1,427 | $2,510 |
Source: Ownwell