Millerton, Oklahoma Property Taxes
The median property tax rate in Millerton, OK is 0.66%, which is significantly lower than both the national median of 0.99% and Oklahoma's state median of 0.97%. With the median home value in Millerton at $25,228, the typical annual property tax bill is just $92, far below the national median of $2,690. Property taxes in Millerton are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Millerton'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 Millerton or another part of McCurtain County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Millerton, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$167
Ownwell’s Millerton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Millerton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Millerton 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 McCurtain County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Millerton, Oklahoma
Property taxes in Millerton, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Millerton is 0.66%, which is lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Millerton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Millerton 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 Millerton's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74750 zip code has both the highest and lowest median property tax rate of 0.66%. Understanding how these cities compare with Millerton 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 Millerton Tax Rate
0.66%
Average Mccurtain County Tax Rate
0.79%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Millerton, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74750 | 0.32% | 0.44% | 0.66% | 0.86% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Millerton, Oklahoma
In Millerton, 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 Millerton, 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 Millerton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Millerton, the median home price is $25,228. Homeowners with properties in the 25th percentile pay around $48 in annual property taxes, while those in the 75th percentile face bills of approximately $397. The highest tax bills, in the 90th percentile, can reach up to $542.
Average Millerton Assessed Value
$25,228
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 Millerton, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74750 | $3,738 | $10,325 | $25,228 | $60,507 | $67,237 |
Source: Ownwell
Property Tax Bills Across Millerton, Oklahoma
Property tax bills in Millerton, McCurtain County, OK, are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value typically represents a percentage of the property's market value. In Millerton, the median home price is $25,228, and homeowners can expect their property tax bills to vary significantly depending on the assessed value and applicable tax rate. The tax bill can range widely, with the 25th percentile at $48, indicating that lower-valued properties incur minimal taxes. Conversely, the 75th percentile tax bill is $397, and the 90th percentile reaches up to $542, reflecting higher-valued properties. These figures highlight the variability in property tax obligations based on property values. Homeowners in Millerton must consider these factors when budgeting for annual expenses. While the national median property tax rate is 0.99%, local variations mean that individual tax bills can differ substantially. Understanding these dynamics helps homeowners anticipate their financial responsibilities more accurately.
Average Millerton Tax Bill
$92
Average Mccurtain County Tax Bill
$440
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Millerton, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74750 | $25 | $48 | $92 | $397 | $542 |
Source: Ownwell