Ketchum, Oklahoma Property Taxes
The median property tax rate in Ketchum, OK is 0.78%, 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 $421,809 in Ketchum, the typical annual property tax bill amounts to $3,280, surpassing the national median of $2,690. Property taxes in Ketchum are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Ketchum'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 Ketchum 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
Ketchum, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$3,290
Ownwell’s Ketchum Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ketchum with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ketchum 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 Ketchum, Oklahoma
Property taxes in Ketchum, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ketchum is 0.78%, which is lower than the U.S. national median of 0.99%. Local government entities within Ketchum set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ketchum 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 Ketchum's effective property tax rate to other areas in Mayes County and the national median. For comparison, the 74349 zip code has the same median property tax rate of 0.78%. Understanding how these areas compare with Ketchum provides valuable insights into the varying tax landscape across Mayes County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ketchum Tax Rate
0.78%
Average Mayes County Tax Rate
0.66%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ketchum, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74349 | 0.78% | 0.78% | 0.78% | 0.78% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Ketchum, Oklahoma
In Ketchum, 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 Mayes 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 Ketchum, 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 Ketchum helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 74349 in Ketchum has a median tax bill of $3,280, which is both the highest and lowest in the area.
Average Ketchum Assessed Value
$421,809
Average Mayes County Assessed Value
$160,424
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ketchum, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74349 | $421,809 | $421,809 | $421,809 | $421,809 | $421,809 |
Source: Ownwell
Property Tax Bills Across Ketchum, Oklahoma
In Ketchum, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and is a percentage of the property's market value. For example, if a home in Ketchum has a median home price of $421,809, the assessed value would be a fraction of this amount, depending on the county's assessment ratio. The local tax rate is then applied to the assessed value to determine the annual tax bill. In Mayes County, the property tax rate can result in a median tax bill of around $3,280, which is significantly higher than the national median property tax rate of 0.99%. This higher tax bill can impact homeowners by increasing their annual expenses, making it essential to budget accordingly. Understanding these factors helps homeowners anticipate their financial obligations and plan for future property tax payments.
Average Ketchum Tax Bill
$3,280
Average Mayes County Tax Bill
$998
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Ketchum, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74349 | $3,280 | $3,280 | $3,280 | $3,280 | $3,280 |
Source: Ownwell