Chelsea, Oklahoma Property Taxes
The median property tax rate in Chelsea, OK is 0.84%, which is notably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Chelsea at $74,955, the typical annual property tax bill amounts to $622, significantly 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, such as those for primary residences and agricultural properties. Understanding Chelsea'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 Chelsea or another part of the city, comprehending 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
0.84%
Estimate Property Tax Bill
$630
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, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chelsea is 0.84%, lower than both the Oklahoma state median and 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 the highest median property tax rate of 0.84%, while the same zip code also has the lowest median tax rate of 0.84%. Understanding how these areas compare with Chelsea provides valuable insights into the varying tax landscape across Rogers County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chelsea Tax Rate
0.84%
Average Rogers County Tax Rate
0.95%
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 | 0.50% | 0.69% | 0.84% | 0.94% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Chelsea, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Chelsea, Oklahoma. 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 Rogers 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 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. Chelsea's median home price is $74,955, with tax bills ranging from $285 at the 25th percentile to $1,805 at the 90th percentile. The highest and lowest median tax bill in Rogers County is $622, both found in the 74016 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Chelsea Assessed Value
$74,955
Average Rogers County Assessed Value
$177,436
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 | $16,162 | $37,664 | $74,955 | $130,000 | $201,076 |
Source: Ownwell
Property Tax Bills Across Chelsea, Oklahoma
In Chelsea, Rogers County, OK, property tax bills are calculated based on the assessed value of a home, which is determined as a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions. For homeowners in Chelsea, the median home price stands at $74,955. Tax bills can vary significantly, with the 25th percentile at $285 and the 75th percentile reaching $1,160. The highest median tax bill in the area is $622, which is consistent across the zip code 74016. This tax rate is lower than the national median property tax rate of 0.99%, making Chelsea an attractive place for homeowners seeking lower property taxes. Understanding these factors helps homeowners anticipate their tax obligations and manage their finances more effectively.
Average Chelsea Tax Bill
$622
Average Rogers County Tax Bill
$1,648
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 | $141 | $285 | $622 | $1,160 | $1,805 |
Source: Ownwell