Altus, Oklahoma Property Taxes
The median property tax rate in Altus, OK is 0.94%, slightly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $63,011 in Altus, the typical annual property tax bill amounts to $522, which is significantly below the national median of $2,690. Property taxes in Altus are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Altus'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 Altus or another part of Jackson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Altus, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$592
Ownwell’s Altus Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Altus with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Altus 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 Altus, Oklahoma
Property taxes in Altus, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Altus is 0.94%, which is lower than the U.S. national median of 0.99%. Local government entities within Altus set these rates annually, and they can vary significantly across different neighborhoods. Each year, Altus 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 Altus's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73521 zip code has both the highest and lowest median property tax rate of 0.94%. Understanding how these cities compare with Altus provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Altus Tax Rate
0.94%
Average Jackson County Tax Rate
0.91%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Altus, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73521 | 0.60% | 0.77% | 0.94% | 1.01% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Altus, Oklahoma
In Altus, 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 Jackson County Assessor's Office 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 Altus, 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 Altus helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 73521, with a median tax bill of $522, which is significantly lower than the national median property tax rate of 0.99%.
Average Altus Assessed Value
$63,011
Average Jackson County Assessed Value
$62,313
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Altus, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73521 | $22,636 | $33,140 | $63,011 | $147,305 | $241,418 |
Source: Ownwell
Property Tax Bills Across Altus, Oklahoma
In Altus, located in Jackson County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $63,011, homeowners can expect their tax bills to vary significantly. At the 25th percentile, the tax bill is about $271, while at the 75th percentile, it rises to $1,276. The highest tax bills, in the 90th percentile, can reach up to $2,286. These property taxes play a crucial role in funding local services such as schools, emergency services, and infrastructure maintenance, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, Altus homeowners experience a varied range of tax liabilities, reflecting the diverse property values within the region. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Altus Tax Bill
$522
Average Jackson County Tax Bill
$496
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Altus, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73521 | $174 | $271 | $522 | $1,276 | $2,286 |
Source: Ownwell