Byars, Oklahoma Property Taxes
The median property tax rate in Byars, OK is 0.75%, 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 $84,705 in Byars, the typical annual property tax bill amounts to $503, significantly below the national median of $2,690. Property taxes in Byars are calculated based on the tax assessed value, which often falls below the market value due to exemptions like primary residence and agricultural exemptions. Understanding Byars' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Byars or elsewhere in McClain County, grasping the local property tax system will benefit homeowners and real estate investors alike.
Last Updated June 14, 2024
Byars, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$635
Ownwell’s Byars Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Byars with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Byars 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 Byars, Oklahoma
Property taxes in Byars, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Byars is 0.75%, lower than the U.S. national median of 0.99%. Local government entities within Byars set these rates annually, and they can vary significantly across different neighborhoods. Each year, Byars 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 Byars' effective property tax rate to other areas in Oklahoma and the national median. For comparison, the ZIP code 74831 has the highest median property tax rate of 0.75%, while the same ZIP code also has the lowest median tax rate of 0.75%. Understanding how these areas compare with Byars provides valuable insights into the varying tax landscape across McClain County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Byars Tax Rate
0.75%
Average Mcclain County Tax Rate
0.93%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Byars, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74831 | 0.30% | 0.48% | 0.75% | 0.92% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Byars, Oklahoma
In Byars, 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 McClain 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 Byars, 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 Byars helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 74831 has both the highest and lowest median tax bill, at $503.
Average Byars Assessed Value
$84,705
Average Mcclain County Assessed Value
$212,546
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Byars, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74831 | $27,830 | $44,144 | $84,705 | $147,253 | $226,671 |
Source: Ownwell
Property Tax Bills Across Byars, Oklahoma
Property tax bills in Byars, located in McClain County, OK, are determined by assessing the market value of a property and applying the local tax rate. The median home price in Byars stands at $84,705. Homeowners can expect their property tax bills to vary significantly, with the 25th percentile tax bill at $239 and the 75th percentile reaching $1,062. For those at the 90th percentile, the tax bill can be as high as $1,818. These tax bills are influenced by several factors, including the assessed value of the property, any applicable exemptions, and the local tax rate. Compared to the national median property tax rate of 0.99%, Byars offers relatively lower property tax bills. This can make homeownership more affordable for residents, but it also means that local services funded by property taxes may receive less revenue. Homeowners in Byars should be aware of these factors as they can impact both their annual expenses and the quality of local services.
Average Byars Tax Bill
$503
Average Mcclain County Tax Bill
$1,871
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Byars, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74831 | $119 | $239 | $503 | $1,062 | $1,818 |
Source: Ownwell