Preston, Oklahoma Property Taxes
The median property tax rate in Preston, OK is 0.96%, which is slightly below both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $62,684 in Preston, the typical annual property tax bill is around $653, significantly lower than the national median of $2,690. Property taxes in Preston are calculated based on the tax assessed value, which often falls below the market value due to exemptions like those for primary residences and agricultural properties. Understanding Preston's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you reside in the heart of Preston or another part of the city, being well-informed about the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Preston, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$602
Ownwell’s Preston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Preston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Preston 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 Preston, Oklahoma
Property taxes in Preston, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Preston is 0.96%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Preston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Preston 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 Preston's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74456 zip code has the highest median property tax rate of 0.96%, while the same zip code also has the lowest median tax rate of 0.96%. Understanding how these cities compare with Preston provides valuable insights into the varying tax landscape across Okmulgee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Preston Tax Rate
0.96%
Average Okmulgee County Tax Rate
0.92%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Preston, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74456 | 0.49% | 0.57% | 0.96% | 1.11% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Preston, Oklahoma
In Preston, 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 Okmulgee 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 Preston, 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. The median home price in Preston is $62,684, with tax bills ranging from $175 at the 25th percentile to $1,053 at the 90th percentile. The zip code with the highest and lowest median tax bill is 74456, both standing at $653. 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 Preston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Preston Assessed Value
$62,684
Average Okmulgee County Assessed Value
$63,421
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Preston, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74456 | $16,308 | $20,760 | $62,684 | $84,927 | $120,400 |
Source: Ownwell
Property Tax Bills Across Preston, Oklahoma
In Preston, located in Okmulgee County, Oklahoma, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. Homeowners in Preston typically face property tax bills that vary significantly depending on the assessed value of their property. The median home price in Preston is $62,684, and the property tax rate is applied to this value to determine the tax bill. Several factors influence the final tax bill, including the home's size, location, and any improvements made. For example, homeowners in the 25th percentile can expect a tax bill around $175, while those in the 75th percentile might see bills closer to $956. The highest tax bills, often around the 90th percentile, can reach up to $1,053. These taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for Preston residents. Despite the variability, the property tax rates in Preston remain relatively modest compared to the national median property tax rate of 0.99%.
Average Preston Tax Bill
$653
Average Okmulgee County Tax Bill
$510
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Preston, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74456 | $102 | $175 | $653 | $956 | $1,053 |
Source: Ownwell