Gage, Oklahoma Property Taxes
The median property tax rate in Gage, OK is 1.03%, slightly higher than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $53,439 in Gage, the typical annual property tax bill amounts to $506, which is significantly lower than the national median of $2,690. Property taxes in Gage are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Gage'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 Gage or another part of Ellis County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gage, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$550
Ownwell’s Gage Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gage with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gage 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 Gage, Oklahoma
Property taxes in Gage, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gage is 0.89%, which is lower than both the Oklahoma state median of 0.90% and the U.S. national median of 0.99%. Local government entities within Gage set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gage 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 Gage's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73843 zip code has the highest median property tax rate of 1.03%, while the same zip code also has the lowest median tax rate of 1.03%. Understanding how these cities compare with Gage provides valuable insights into the varying tax landscape across Ellis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gage Tax Rate
1.03%
Average Ellis County Tax Rate
0.89%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gage, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73843 | 0.64% | 0.82% | 1.03% | 1.16% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Gage, Oklahoma
In Gage, 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 Ellis 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 Gage, 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 Gage is $53,439, with tax bills ranging from $276 at the 25th percentile to $1,572 at the 90th percentile. The highest and lowest median tax bills, both $506, are found in the zip code 73843. By understanding 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 Gage helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gage Assessed Value
$53,439
Average Ellis County Assessed Value
$64,405
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gage, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73843 | $18,031 | $30,945 | $53,439 | $94,056 | $161,867 |
Source: Ownwell
Property Tax Bills Across Gage, Oklahoma
In Gage, located in Ellis County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of the market value. The median home price in Gage is $53,439. Property tax rates in this region are influenced by local government budgets and the needs of public services such as schools and infrastructure. To determine the tax bill, the assessed value is multiplied by the local tax rate. Homeowners in Gage can expect their tax bills to vary significantly. For example, at the 25th percentile, the tax bill is around $276, while at the 75th percentile, it rises to approximately $921. At the 90th percentile, some homeowners might pay up to $1,572. Compared to the national median property tax rate of 0.99%, the tax obligations in Gage are relatively moderate, making it a potentially attractive location for homeowners seeking affordability. However, these taxes are crucial for maintaining local amenities and services, directly impacting the quality of life in the community.
Average Gage Tax Bill
$506
Average Ellis County Tax Bill
$539
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Gage, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73843 | $161 | $276 | $506 | $921 | $1,572 |
Source: Ownwell