Tulsa, Oklahoma Property Taxes
The median property tax rate in Tulsa, OK is 0.90%, which is slightly below the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $190,322 in Tulsa, the typical annual property tax bill amounts to $1,664, significantly lower than the national median of $2,690. Property taxes in Tulsa are calculated based on the assessed value, which is generally lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Tulsa'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 Tulsa 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
Tulsa, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$1,713
Ownwell’s Tulsa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tulsa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tulsa 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 Tulsa, Oklahoma
Property taxes in Tulsa, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tulsa is 0.90%, slightly lower than the U.S. national median of 0.99%. Local government entities within Tulsa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tulsa 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 Tulsa's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the 74132 zip code has the highest median property tax rate of 0.90%, while the 74126 zip code has the lowest median tax rate of 0.55%. Understanding how these areas compare with Tulsa 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 Tulsa Tax Rate
0.90%
Average Creek County Tax Rate
0.88%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tulsa, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74107 | 0.56% | 0.58% | 0.62% | 0.65% | 0.68% |
| 74126 | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| 74131 | 0.30% | 0.59% | 0.90% | 1.11% | 1.20% |
| 74132 | 0.40% | 0.63% | 0.90% | 1.14% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Tulsa, Oklahoma
In Tulsa, 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. In Tulsa, 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 Tulsa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in Tulsa is $2,069 in zip code 74132, while the lowest is $269 in zip code 74107.
Average Tulsa Assessed Value
$190,322
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 Tulsa, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74107 | $40,794 | $41,747 | $43,336 | $44,924 | $45,877 |
| 74126 | $58,674 | $58,674 | $58,674 | $58,674 | $58,674 |
| 74131 | $20,125 | $72,856 | $167,196 | $258,536 | $419,951 |
| 74132 | $78,418 | $114,680 | $223,336 | $344,779 | $694,255 |
Source: Ownwell
Property Tax Bills Across Tulsa, Oklahoma
In Tulsa, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local taxing authorities determine the tax rate, which is then applied to the assessed value to generate the tax bill. Several factors influence this calculation, including the property's location, size, and any applicable exemptions. For homeowners in Tulsa, the median home price is $190,322. Property tax bills can vary significantly, with the 25th percentile at $517 and the 75th percentile at $3,079. The highest median tax bill in the area is $2,069 in the 74132 zip code, while the lowest is $269 in the 74107 zip code. These variations can affect homeowners differently, depending on their property's assessed value and the specific tax rates in their locality. Understanding how property tax bills are determined can help homeowners better anticipate their annual expenses and plan their budgets accordingly. With the national median property tax rate at 0.99%, Tulsa's property taxes can be seen as relatively moderate, but individual circumstances will vary.
Average Tulsa Tax Bill
$1,664
Average Creek County Tax Bill
$1,080
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Tulsa, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74107 | $227 | $243 | $269 | $295 | $311 |
| 74126 | $321 | $321 | $321 | $321 | $321 |
| 74131 | $106 | $348 | $1,337 | $2,690 | $4,379 |
| 74132 | $320 | $771 | $2,069 | $3,510 | $7,139 |
Source: Ownwell