Billings, Oklahoma Property Taxes
The median property tax rate in Billings, OK is 0.95%, slightly below both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $104,590 in Billings, the typical annual property tax bill amounts to $788, which is significantly lower than the national median of $2,690. Property taxes in Billings are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Billings' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Billings or another part of Garfield County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Billings, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$994
Ownwell’s Billings Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Billings with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Billings to provide an estimate of your property tax bill. This intuitive tool helps you understand potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available further down the page. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Billings, Oklahoma
Property taxes in Billings, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Billings is 0.95%, slightly lower than the U.S. national median of 0.99%. Local government entities within Billings set these rates annually, and they can vary significantly across different neighborhoods. Each year, Billings 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 Billings's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74630 zip code has the highest median property tax rate of 0.95%, while the same zip code also has the lowest median tax rate of 0.95%. Understanding how these cities compare with Billings provides valuable insights into the varying tax landscape across Garfield County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Billings Tax Rate
0.95%
Average Garfield County Tax Rate
1.14%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Billings, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74630 | 0.58% | 0.66% | 0.95% | 1.29% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Billings, Oklahoma
In Billings, 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 Garfield 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 Billings, 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. The median home price in Billings is $104,590, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $424, while the 75th percentile tax bill reaches $1,248. The highest and lowest median tax bills are both recorded at $788 in the zip code 74630. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Billings Assessed Value
$104,590
Average Garfield County Assessed Value
$94,470
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Billings, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74630 | $29,627 | $36,838 | $104,590 | $176,135 | $242,048 |
Source: Ownwell
Property Tax Bills Across Billings, Oklahoma
In Billings, property tax bills are calculated based on the assessed value of the property, which is determined by the Garfield County Assessor's Office. The assessed value is typically a percentage of the property's market value, reflecting its worth in the current real estate market. Various factors influence the assessed value, including the property's size, location, and condition. Once the assessed value is established, the local tax rate is applied to determine the annual tax bill. For homeowners in Billings, the median home price stands at $104,590. Property tax bills can vary significantly, with the 25th percentile at $424 and the 75th percentile at $1,248. At the higher end, the 90th percentile reaches $2,127. These figures indicate a range of tax burdens depending on property values and individual assessments. Compared to the national median property tax rate of 0.99%, Billings residents experience a relatively varied tax landscape, affecting their annual financial planning and overall cost of homeownership.
Average Billings Tax Bill
$788
Average Garfield County Tax Bill
$950
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Billings, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74630 | $241 | $424 | $788 | $1,248 | $2,127 |
Source: Ownwell