Owasso, Oklahoma Property Taxes
The median property tax rate in Owasso, OK is 0.97%, aligning with both the state median and slightly below the national median of 0.99%. With the median home value in Owasso at $266,148, the typical annual property tax bill comes to $2,479, which is lower than the national median of $2,690. Property taxes in Owasso are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Owasso'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 Owasso or another part of Rogers County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Owasso, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$2,582
Ownwell’s Owasso Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Owasso using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Owasso 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 Owasso, Oklahoma
Property taxes in Owasso, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Owasso is 0.97%, slightly lower than the U.S. national median of 0.99%. Local government entities within Owasso set these rates annually, and they can vary significantly across different neighborhoods. Each year, Owasso 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 Owasso's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74055 zip code has the highest median property tax rate of 0.97%, while the 74055 zip code also has the lowest median tax rate of 0.97%. Understanding how these cities compare with Owasso 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 Owasso Tax Rate
0.97%
Average Rogers County Tax Rate
0.95%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Owasso, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74055 | 0.80% | 0.89% | 0.97% | 1.03% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Owasso, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Owasso, 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 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 Owasso, 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. The highest and lowest median tax bills in Owasso are both $2,479 in zip code 74055. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Owasso Assessed Value
$266,148
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 Owasso, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74055 | $167,119 | $206,396 | $266,148 | $414,955 | $585,000 |
Source: Ownwell
Property Tax Bills Across Owasso, Oklahoma
In Owasso, located in Rogers County, property tax bills are calculated based on the assessed value of the property, which is typically a percentage of the market value. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Several factors influence the assessed value, including the property's location, size, and any improvements made. For homeowners in Owasso, the median home price stands at $266,148, with property tax bills ranging significantly. At the 25th percentile, the tax bill is around $1,839, while at the 75th percentile, it rises to approximately $4,259. For those in the 90th percentile, the tax bill can reach up to $6,302. The highest median tax bill in the area is $2,479, which is relatively modest compared to the national median property tax rate of 0.99%. These property tax bills can impact homeowners by influencing their monthly mortgage payments and overall housing affordability.
Average Owasso Tax Bill
$2,479
Average Rogers County Tax Bill
$1,648
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Owasso, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74055 | $1,359 | $1,839 | $2,479 | $4,259 | $6,302 |
Source: Ownwell