Martha, Oklahoma Property Taxes
The median property tax rate in Martha, OK is 0.85%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Martha at $46,993, the typical annual property tax bill is $364, significantly below the national median of $2,690. Property taxes in Martha 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 Martha'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 Martha or another part of Jackson County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Martha, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$399
Ownwell’s Martha Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Martha with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Martha 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 Martha, Oklahoma
Property taxes in Martha, Oklahoma, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Martha is 0.85%, lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Martha set these rates annually, and they can vary significantly across different neighborhoods. Each year, Martha 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 Martha's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73556 zip code has the highest median property tax rate of 0.85%, while the same zip code also has the lowest median tax rate of 0.85%. Understanding how these cities compare with Martha 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 Martha Tax Rate
0.85%
Average Jackson County Tax Rate
0.91%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Martha, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73556 | 0.47% | 0.72% | 0.85% | 0.96% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Martha, Oklahoma
In Martha, 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 Martha, 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 Martha helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Martha, the zip code with the highest median tax bill is 73556, with a median tax bill of $364.00, which is significantly below the national median property tax rate of 0.99%.
Average Martha Assessed Value
$46,993
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 Martha, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73556 | $25,472 | $30,875 | $46,993 | $80,840 | $151,226 |
Source: Ownwell
Property Tax Bills Across Martha, Oklahoma
In Martha, located in Jackson County, OK, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value typically represents a percentage of the property's market value. Homeowners in Martha can expect their tax bills to fall within a range, with the 25th percentile paying around $240 and the 75th percentile paying up to $605 annually. For those at the higher end, the 90th percentile, tax bills can reach approximately $1,411. Several factors influence these tax bills, including the property's assessed value, local tax rates, and any applicable exemptions. The median home price in Martha is $46,993, which is significantly lower than many other areas. This lower property value contributes to relatively modest tax bills compared to the national median property tax rate of 0.99%. Understanding how these elements interplay helps homeowners anticipate their annual property tax obligations and manage their finances accordingly.
Average Martha Tax Bill
$364
Average Jackson County Tax Bill
$496
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Martha, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73556 | $148 | $240 | $364 | $605 | $1,411 |
Source: Ownwell