Tulsa, Oklahoma Property Taxes
The median property tax rate in Tulsa, OK is 0.91%, 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 $72,352 in Tulsa, the typical annual property tax bill is around $650, significantly below the national median of $2,690. Property taxes in Tulsa are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Tulsa'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 Tulsa or another part of the city, being informed about the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tulsa, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$658
Ownwell’s Tulsa Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Tulsa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tulsa 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 Tulsa, Oklahoma
Property taxes in Tulsa, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tulsa is 0.91%, slightly lower than the U.S. national median of 0.99%. Local government entities within Tulsa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tulsa 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 Tulsa's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the 74108 zip code has the highest median property tax rate of 0.93%, while the 74107 zip code has the lowest median tax rate of 0.89%. Understanding how these areas compare with Tulsa 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 Tulsa Tax Rate
0.91%
Average Mcintosh County Tax Rate
0.79%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tulsa, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74107 | 0.89% | 0.89% | 0.89% | 0.89% | 0.89% |
| 74108 | 0.93% | 0.93% | 0.93% | 0.93% | 0.93% |
| 74114 | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
| 74137 | 0.91% | 0.91% | 0.91% | 0.91% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Tulsa, Oklahoma
In Tulsa, 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. Assessment notices in Tulsa 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 Tulsa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill is $2,367 in zip code 74114, while the lowest median tax bill is $376 in zip code 74108.
Average Tulsa Assessed Value
$72,352
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 Tulsa, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74107 | $96,677 | $96,677 | $96,677 | $96,677 | $96,677 |
| 74108 | $40,231 | $40,231 | $40,231 | $40,231 | $40,231 |
| 74114 | $262,907 | $262,907 | $262,907 | $262,907 | $262,907 |
| 74137 | $48,027 | $48,027 | $48,027 | $48,027 | $48,027 |
Source: Ownwell
Property Tax Bills Across Tulsa, Oklahoma
Property tax bills in Tulsa, located in McIntosh County, OK, are determined based on the assessed value of a property and the local tax rate. The assessed value is typically a percentage of the market value of the home, and this value is then multiplied by the local tax rate to calculate the annual tax bill. For example, the median home price in Tulsa is $72,352, which serves as a baseline for assessment. Several factors influence the assessed value, including property size, location, and improvements. Homeowners in Tulsa experience a range of tax bills, with the 25th percentile paying around $423 and the 75th percentile paying about $1,237 annually. At the higher end, the 90th percentile sees tax bills reaching $1,915. In specific zip codes, such as 74114, the highest median tax bill is $2,367, while in 74108, the lowest median tax bill is $376. These property taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, making it crucial for residents to understand how their tax bills are calculated.
Average Tulsa Tax Bill
$650
Average Mcintosh County Tax Bill
$586
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Tulsa, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74107 | $860 | $860 | $860 | $860 | $860 |
| 74108 | $376 | $376 | $376 | $376 | $376 |
| 74114 | $2,367 | $2,367 | $2,367 | $2,367 | $2,367 |
| 74137 | $439 | $439 | $439 | $439 | $439 |
Source: Ownwell