Broken Arrow, Oklahoma Property Taxes
The median property tax rate in Broken Arrow, OK is 0.94%, slightly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Broken Arrow, the typical annual property tax bill reaches $210, significantly below the national median of $2,690. Property taxes in Broken Arrow are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Broken Arrow'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 Broken Arrow 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
Broken Arrow, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$215
Ownwell’s Broken Arrow Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Broken Arrow with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Broken Arrow 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 Arrow, Oklahoma
Property taxes in Broken Arrow, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Broken Arrow is 0.94%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Broken Arrow set these rates annually, and they can vary significantly across different neighborhoods. Each year, Broken Arrow 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. For comparison, the 74012 zip code has the highest median property tax rate of 0.94%, while the 74014 zip code has the lowest median tax rate of 0.92%. Understanding how these areas compare with Broken Arrow provides valuable insights into the varying tax landscape across McIntosh County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Broken Arrow Tax Rate
0.94%
Average Mcintosh County Tax Rate
0.79%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Broken Arrow, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74012 | 0.94% | 0.94% | 0.94% | 0.94% | 0.94% |
| 74014 | 0.92% | 0.92% | 0.92% | 0.92% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Broken Arrow, Oklahoma
In Broken Arrow, 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 McIntosh 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 Broken Arrow, 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. For instance, the zip code with the highest median tax bill is 74012 at $494, while the lowest is 74014 at $210. 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 Arrow helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Broken Arrow Assessed Value
$22,911
Average Mcintosh County Assessed Value
$81,769
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Broken Arrow, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74012 | $26,389 | $36,304 | $52,827 | $69,350 | $79,265 |
| 74014 | $22,911 | $22,911 | $22,911 | $22,911 | $22,911 |
Source: Ownwell
Property Tax Bills Across Broken Arrow, Oklahoma
In Broken Arrow, McIntosh County, OK, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Broken Arrow experience a range of tax bills, with the 25th percentile paying around $198, while those in the 75th percentile pay approximately $506. The 90th percentile tax bill can reach up to $684. The highest median tax bill in the area is $494 in zip code 74012, whereas the lowest is $210 in zip code 74014. These figures illustrate the variability in property tax burdens within the city. Compared to the national median property tax rate of 0.99%, Broken Arrow's tax rates offer a relatively affordable option for homeowners, impacting their overall cost of living and financial planning.
Average Broken Arrow Tax Bill
$210
Average Mcintosh County Tax Bill
$586
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Broken Arrow, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74012 | $247 | $340 | $494 | $648 | $741 |
| 74014 | $210 | $210 | $210 | $210 | $210 |
Source: Ownwell