Broken Bow, Oklahoma Property Taxes
The median property tax rate in Broken Bow, OK is 0.88%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Broken Bow at $93,153, the typical annual property tax bill amounts to $716, significantly less than the national median of $2,690. Property taxes in Broken Bow are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Broken Bow'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 Broken Bow or another part of McCurtain County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Broken Bow, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$820
Ownwell’s Broken Bow Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Broken Bow with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Broken Bow 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 Broken Bow, Oklahoma
Property taxes in Broken Bow, Oklahoma, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Broken Bow is 0.88%, which is lower than the U.S. national median of 0.99%. Local government entities within Broken Bow set these rates annually, and they can vary significantly across different neighborhoods. Each year, Broken Bow 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 Broken Bow's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74728 zip code has both the highest and lowest median property tax rate of 0.88%. Understanding how these cities compare with Broken Bow provides valuable insights into the varying tax landscape across McCurtain County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Broken Bow Tax Rate
0.88%
Average Mccurtain County Tax Rate
0.79%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Broken Bow, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74728 | 0.36% | 0.62% | 0.88% | 0.90% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Broken Bow, Oklahoma
In Broken Bow, 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 McCurtain 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 Broken Bow, 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 Broken Bow helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $716, found in the 74728 zip code.
Average Broken Bow Assessed Value
$93,153
Average Mccurtain County Assessed Value
$64,043
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Broken Bow, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74728 | $20,621 | $40,410 | $93,153 | $339,807 | $650,000 |
Source: Ownwell
Property Tax Bills Across Broken Bow, Oklahoma
In Broken Bow, located in McCurtain County, OK, 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. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, the median home price in Broken Bow is $93,153, and the property tax rate in McCurtain County is notably lower than the national median of 0.99%. Various factors influence the final tax bill, including the property's location, any applicable exemptions, and the specific tax rate set by local jurisdictions. Homeowners in Broken Bow can expect tax bills to range significantly; the 25th percentile tax bill is $254, while the 75th percentile reaches up to $2,786. The highest median tax bill recorded in the area is $716. These variations can impact homeowners' financial planning, making it essential to understand how local property taxes are assessed and applied.
Average Broken Bow Tax Bill
$716
Average Mccurtain County Tax Bill
$440
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Broken Bow, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74728 | $121 | $254 | $716 | $2,786 | $5,728 |
Source: Ownwell