Chelsea, Oklahoma Property Taxes
The median property tax rate in Chelsea, OK is 0.58%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Chelsea, the typical annual property tax bill is $293, well below the national median of $2,690. Property taxes in Chelsea 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 Chelsea'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 Chelsea 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
Chelsea, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$350
Ownwell’s Chelsea Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chelsea with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chelsea 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 Chelsea, Oklahoma
Property taxes in Chelsea, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chelsea is 0.58%, which is notably lower than the U.S. national median of 0.99%. Local government entities within Chelsea set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chelsea 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 Chelsea's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74016 zip code has both the highest and lowest median property tax rate of 0.58%, demonstrating uniformity within the region. Understanding how these cities compare with Chelsea provides valuable insights into the varying tax landscape across Nowata County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chelsea Tax Rate
0.58%
Average Nowata County Tax Rate
0.83%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chelsea, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74016 | 0.24% | 0.40% | 0.58% | 0.91% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Chelsea, Oklahoma
In Chelsea, 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 local 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 Chelsea, 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 Chelsea 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 $293.00, found in the 74016 zip code.
Average Chelsea Assessed Value
$60,423
Average Nowata County Assessed Value
$71,248
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chelsea, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74016 | $17,494 | $27,747 | $60,423 | $114,320 | $168,117 |
Source: Ownwell
Property Tax Bills Across Chelsea, Oklahoma
Property tax bills in Chelsea, located in Nowata County, Oklahoma, are calculated based on the assessed value of a property, which is typically a percentage of its market value. The median home price in Chelsea is $60,423. The county applies a specific tax rate to this assessed value to determine the annual property tax bill. For homeowners in Chelsea, the tax bill can vary significantly. At the 25th percentile, homeowners pay around $162 annually, while those at the 75th percentile see bills closer to $703. The 90th percentile tax bill can reach up to $1,235. These variations depend on factors such as property size, location, and any applicable exemptions or deductions. The highest median tax bill in the area is $293, which is relatively low compared to the national median property tax rate of 0.99%. This relatively low tax burden can be advantageous for homeowners, making Chelsea an attractive option for those looking to minimize their annual property tax expenses.
Average Chelsea Tax Bill
$293
Average Nowata County Tax Bill
$541
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Chelsea, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74016 | $76 | $162 | $293 | $703 | $1,235 |
Source: Ownwell