Terlton, Oklahoma Property Taxes
The median property tax rate in Terlton, OK is 0.74%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Terlton at $66,742, the typical annual property tax bill is around $494, significantly below the national median of $2,690. Property taxes in Terlton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Terlton'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 Terlton or another part of Creek County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Terlton, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$494
Ownwell’s Terlton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Terlton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Terlton 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 Terlton, Oklahoma
Property taxes in Terlton, Oklahoma, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Terlton is 0.74%, lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Terlton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Terlton 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 Terlton's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the zip code 74081 has the highest median property tax rate of 0.74%, while the same zip code also has the lowest median tax rate of 0.74%. Understanding how these cities compare with Terlton provides valuable insights into the varying tax landscape across Creek County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Terlton Tax Rate
0.74%
Average Creek County Tax Rate
0.88%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Terlton, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74081 | 0.39% | 0.56% | 0.74% | 0.94% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Terlton, Oklahoma
In Terlton, 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 Creek 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. Assessment notices in Terlton 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 Terlton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with both the highest and lowest median tax bills is 74081, with a median tax bill of $494.
Average Terlton Assessed Value
$66,742
Average Creek County Assessed Value
$130,263
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Terlton, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74081 | $26,741 | $44,467 | $66,742 | $138,732 | $208,994 |
Source: Ownwell
Property Tax Bills Across Terlton, Oklahoma
In Terlton, located in Creek County, OK, property tax bills are calculated based on the assessed value of a property, which typically represents a percentage of its market value. The tax rate, or millage rate, set by local taxing authorities, is then applied to this assessed value to determine the annual property tax bill. For homeowners in Terlton, the median home price is $66,742. Property tax bills can vary significantly, with the 25th percentile bill being $256 and the 75th percentile reaching $947. The 90th percentile tax bill can go up to $1,712. This variation is influenced by factors such as property improvements, neighborhood developments, and changes in local tax rates. Comparatively, the median property tax rate in Terlton is lower than the national median of 0.99%, offering a more affordable option for homeowners. Understanding these factors can help residents anticipate their annual tax obligations and budget accordingly.
Average Terlton Tax Bill
$494
Average Creek County Tax Bill
$1,080
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Terlton, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74081 | $143 | $256 | $494 | $947 | $1,712 |
Source: Ownwell