Granite, Oklahoma Property Taxes
The median property tax rate in Granite, OK is 0.88%, 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 $47,286 in Granite, the typical annual property tax bill amounts to $369, significantly below the national median of $2,690. Property taxes in Granite are calculated based on the tax assessed value, which is often less than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Granite'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 Granite 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
Granite, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$416
Ownwell's Granite Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Granite with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Granite to provide an estimate of your property tax bill. This valuable tool offers insight into potential tax liabilities, allowing you to plan and budget effectively. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Granite, Oklahoma
Property taxes in Granite, Oklahoma, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Granite is 0.88%, which is lower than the U.S. national median of 0.99%. Local government entities within Granite set these rates annually, and they can vary significantly across different neighborhoods. Each year, Granite 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 Granite's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73547 zip code has both the highest and lowest median property tax rate of 0.88%. Understanding how these cities compare with Granite provides valuable insights into the varying tax landscape across Greer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Granite Tax Rate
0.88%
Average Greer County Tax Rate
0.93%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Granite, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73547 | 0.50% | 0.67% | 0.88% | 1.00% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Granite, Oklahoma
In Granite, 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 Greer 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 Granite, 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 Granite is $47,286. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Granite's zip code 73547 has both the highest and lowest median tax bill at $369. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Granite Assessed Value
$47,286
Average Greer County Assessed Value
$39,958
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Granite, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73547 | $17,370 | $27,151 | $47,286 | $89,019 | $135,285 |
Source: Ownwell
Property Tax Bills Across Granite, Oklahoma
In Granite, located in Greer County, Oklahoma, property tax bills are calculated based on the assessed value of a home, which is typically a fraction of its market value. The median home price in Granite is $47,286, and property taxes are determined by applying the local tax rate to this assessed value. The national median property tax rate is 0.99%, but local rates can vary. Several factors influence the final tax bill, including the home's assessed value, local tax rates, and any applicable exemptions. For example, the 25th percentile tax bill is $213, while the 75th percentile tax bill reaches $710. At the 90th percentile, homeowners might see tax bills as high as $1,057. These property taxes significantly impact homeowners, as they contribute to local services such as public schools, road maintenance, and emergency services. Understanding how these factors interplay can help homeowners in Granite better anticipate their annual tax obligations and plan their finances accordingly.
Average Granite Tax Bill
$369
Average Greer County Tax Bill
$334
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Granite, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73547 | $136 | $213 | $369 | $710 | $1,057 |
Source: Ownwell