Meridian, Oklahoma Property Taxes
The median property tax rate in Meridian, Oklahoma is 0.86%, lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Meridian, the typical annual property tax bill is $772, significantly less than the national median of $2,690. Property taxes in Meridian are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Meridian'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 Meridian 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
Meridian, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$740
Ownwell’s Meridian Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Meridian with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Meridian 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 Meridian, Oklahoma
Property taxes in Meridian, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Meridian is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Meridian set these rates annually, and they can vary significantly across different neighborhoods. Each year, Meridian 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. For comparison, the zip code 73058 has the highest median property tax rate of 0.86%, while the lowest median tax rate is also 0.86%. Understanding how these cities compare with Meridian provides valuable insights into the varying tax landscape across Logan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Meridian Tax Rate
0.86%
Average Logan County Tax Rate
0.98%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Meridian, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73058 | 0.55% | 0.74% | 0.86% | 0.94% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Meridian, Oklahoma
In Meridian, 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 Logan 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 Meridian, 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 Meridian helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Meridian is $772.00 in zip code 73058, while the lowest is also $772.00 in the same zip code.
Average Meridian Assessed Value
$86,033
Average Logan County Assessed Value
$165,842
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Meridian, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73058 | $23,425 | $49,786 | $86,033 | $169,493 | $297,187 |
Source: Ownwell
Property Tax Bills Across Meridian, Oklahoma
In Meridian, Logan County, OK, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value. For instance, with a median home price of $86,033, homeowners can expect their property tax bills to vary significantly. The tax bill for the 25th percentile is around $333, while those in the 75th percentile face a bill of approximately $1,406. At the higher end, the 90th percentile sees tax bills reaching up to $2,718. These property taxes are essential for funding local services such as schools, infrastructure, and public safety. Homeowners in Meridian, therefore, need to budget for these annual expenses, which can fluctuate based on changes in property values and tax rates. Compared to the national median property tax rate of 0.99%, homeowners in Meridian experience a range of tax obligations, reflecting the diverse property values and assessment practices within the area.
Average Meridian Tax Bill
$772
Average Logan County Tax Bill
$1,451
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Meridian, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73058 | $102 | $333 | $772 | $1,406 | $2,718 |
Source: Ownwell