Chester, Oklahoma Property Taxes
The median property tax rate in Chester, OK is 0.76%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $113,838 in Chester, the typical annual property tax bill is $865, significantly below the national median of $2,690. Property taxes in Chester are calculated based on the assessed value, which often falls below the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Chester'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 Chester or another part of Major County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Chester, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$865
Ownwell’s Chester Property Tax Bill Calculator is designed to assist homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Chester with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Chester to provide an estimated property tax bill. This valuable tool helps you anticipate potential tax liabilities. For those interested in more granular insights, scrolling down reveals trends at the neighborhood level. Your property’s assessed value, determined by the county, is crucial for property tax calculations and may include applicable exemptions.
Property Tax Rates Across Chester, Oklahoma
Property taxes in Chester, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chester is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Chester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chester 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 73838 has both the highest and lowest median property tax rate in the county, at 0.76%. Understanding how these cities compare with Chester provides valuable insights into the varying tax landscape across Major County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chester Tax Rate
0.76%
Average Major County Tax Rate
0.83%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chester, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73838 | 0.48% | 0.64% | 0.76% | 0.89% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Chester, Oklahoma
In Chester, 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 Major 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 Chester, 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 Chester 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 73838, with a median tax bill of $865, which is also the lowest median tax bill for the area.
Average Chester Assessed Value
$113,838
Average Major County Assessed Value
$92,366
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chester, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73838 | $34,122 | $65,687 | $113,838 | $170,142 | $240,868 |
Source: Ownwell
Property Tax Bills Across Chester, Oklahoma
In Chester, located in Major County, Oklahoma, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the property's market value, reflecting its worth on the open market. The local tax rate, applied to this assessed value, is what ultimately determines the annual property tax bill for homeowners. Several factors influence the assessed value, including the property's size, location, and condition. For example, Chester homeowners in the 25th percentile can expect a tax bill around $431, while those in the 75th percentile may see bills closer to $1,325. At the higher end, the 90th percentile tax bills can reach up to $1,984. These property taxes fund essential services such as public schools, emergency services, and infrastructure maintenance, directly impacting the quality of life for residents. Notably, the median property tax rate in Chester is significantly lower than the national median of 0.99%, making it a relatively affordable area for property owners.
Average Chester Tax Bill
$865
Average Major County Tax Bill
$720
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Chester, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73838 | $213 | $431 | $865 | $1,325 | $1,984 |
Source: Ownwell