Bromide, Oklahoma Property Taxes
The median property tax rate in Bromide, OK is 0.57%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Bromide, the typical annual property tax bill is $278, well below the national median of $2,690. Property taxes in Bromide are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, including primary residence and agricultural exemptions. Understanding Bromide'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 Bromide or another part of Johnston County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bromide, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$264
Ownwell’s Bromide Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bromide with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bromide 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 Bromide, Oklahoma
Property taxes in Bromide, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bromide is 0.57%, which is significantly lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Bromide set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bromide 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 Bromide's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74530 has the highest median property tax rate of 0.57%, while the same zip code also has the lowest median tax rate of 0.57%. Understanding how these cities compare with Bromide provides valuable insights into the varying tax landscape across Johnston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bromide Tax Rate
0.57%
Average Johnston County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bromide, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74530 | 0.31% | 0.43% | 0.57% | 0.79% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Bromide, Oklahoma
In Bromide, 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 Johnston 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 Bromide, 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 Bromide is $46,242, with tax bills ranging from $162 at the 25th percentile to $757 at the 90th percentile. The zip code with the highest and lowest median tax bill is 74530, both at $278. Being aware of these valuation processes in Bromide helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bromide Assessed Value
$46,242
Average Johnston County Assessed Value
$84,611
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bromide, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74530 | $16,655 | $34,838 | $46,242 | $76,340 | $118,578 |
Source: Ownwell
Property Tax Bills Across Bromide, Oklahoma
In Bromide, Johnston County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. For instance, with a median home price of $46,242, homeowners can expect to pay varying amounts depending on their property's assessed value and the applicable tax rate. Several factors influence the final tax bill, including the property's location within the county and any applicable exemptions. In Bromide, the 25th percentile tax bill is $162, while the 75th percentile tax bill is $573. At the higher end, the 90th percentile tax bill reaches $757. Interestingly, the highest and lowest median tax bills in the county are both $278, found in the 74530 zip code. These property taxes directly impact homeowners by contributing to local services such as schools, public safety, and infrastructure. Understanding how these taxes are calculated can help homeowners better manage their finances and plan for future expenses.
Average Bromide Tax Bill
$278
Average Johnston County Tax Bill
$521
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Bromide, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74530 | $94 | $162 | $278 | $573 | $757 |
Source: Ownwell