Burneyville, Oklahoma Property Taxes
The median property tax rate in Burneyville, OK is 0.70%, considerably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Burneyville, the typical annual property tax bill reaches $582, significantly below the national median of $2,690. Property taxes in Burneyville are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Burneyville'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 Burneyville 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
Burneyville, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$623
Ownwell’s Burneyville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Burneyville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Burneyville 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 Burneyville, Oklahoma
Property taxes in Burneyville, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Burneyville is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within Burneyville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Burneyville 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 Burneyville's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73430 zip code has both the highest and lowest median property tax rate of 0.70%. Understanding how these cities compare with Burneyville provides valuable insights into the varying tax landscape across Love County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Burneyville Tax Rate
0.70%
Average Love County Tax Rate
0.93%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Burneyville, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73430 | 0.46% | 0.59% | 0.70% | 0.83% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Burneyville, Oklahoma
In Burneyville, 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 Love 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 Burneyville, 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 Burneyville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $582 in the 73430 zip code, indicating a consistent tax landscape within this region.
Average Burneyville Assessed Value
$89,052
Average Love County Assessed Value
$84,103
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Burneyville, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73430 | $29,112 | $44,512 | $89,052 | $167,486 | $223,098 |
Source: Ownwell
Property Tax Bills Across Burneyville, Oklahoma
In Burneyville, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the property's market value. Homeowners in Burneyville, located in Love County, OK, see a range of property tax bills. With a median home price of $89,052, the tax bills can vary significantly. For instance, the 25th percentile tax bill is around $285, while the 75th percentile reaches up to $1,166. At the 90th percentile, homeowners might pay as much as $1,694. The highest median tax bill recorded in Burneyville is $582, which is considerably lower than the national median property tax rate of 0.99%. This relatively low tax burden can make homeownership more affordable in the area, but it also means that local services funded by property taxes may be less robust compared to regions with higher rates. Understanding these factors is crucial for homeowners who want to budget effectively and anticipate their annual property tax expenses.
Average Burneyville Tax Bill
$582
Average Love County Tax Bill
$778
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Burneyville, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73430 | $176 | $285 | $582 | $1,166 | $1,694 |
Source: Ownwell