Paoli, Oklahoma Property Taxes
The median property tax rate in Paoli, 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 $127,812 in Paoli, the typical annual property tax bill is $862, significantly below the national median of $2,690. Property taxes in Paoli are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Paoli'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 Paoli or another part of McClain County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Paoli, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$997
Ownwell’s Paoli Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Paoli with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Paoli 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 Paoli, Oklahoma
Property taxes in Paoli, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Paoli is 0.78%, lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Paoli set these rates annually, and they can vary significantly across different neighborhoods. Each year, Paoli 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 Paoli's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73074 zip code has both the highest and lowest median property tax rate of 0.78%. Understanding how these cities compare with Paoli 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 Paoli Tax Rate
0.78%
Average Mcclain County Tax Rate
0.93%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Paoli, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73074 | 0.43% | 0.58% | 0.78% | 0.88% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Paoli, Oklahoma
In Paoli, 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 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 Paoli, 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. The median home price in Paoli is $127,812, and tax bills can vary significantly. For example, the 25th percentile tax bill is $545, while the 75th percentile tax bill is $1,621. By understanding 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 Paoli helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Paoli Assessed Value
$127,812
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 Paoli, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73074 | $67,450 | $110,262 | $127,812 | $195,403 | $383,420 |
Source: Ownwell
Property Tax Bills Across Paoli, Oklahoma
In Paoli, McClain County, OK, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Homeowners in Paoli can expect their property tax bill to vary significantly; for instance, the 25th percentile tax bill is $545, while the 75th percentile tax bill is $1,621, and the 90th percentile tax bill reaches $2,422. The median home price in Paoli stands at $127,812, and the property tax rate is applied to this assessed value to determine the final tax bill. Various factors such as the property's location within the county, improvements made to the property, and any applicable exemptions can influence the assessed value and, consequently, the tax bill. Homeowners should be aware that the median tax bill in McClain County is $862, which can help them gauge whether their tax bill is above or below average compared to the national median property tax rate of 0.99%.
Average Paoli Tax Bill
$862
Average Mcclain County Tax Bill
$1,871
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Paoli, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73074 | $448 | $545 | $862 | $1,621 | $2,422 |
Source: Ownwell