Tullahassee, Oklahoma Property Taxes
The median property tax rate in Tullahassee, OK is 0.73%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Tullahassee, the typical annual property tax bill is $143, significantly less than the national median of $2,690. Property taxes in Tullahassee are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Tullahassee'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 Tullahassee or another part of Wagoner County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tullahassee, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$150
Ownwell’s Tullahassee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tullahassee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tullahassee 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 Tullahassee, Oklahoma
Property taxes in Tullahassee, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tullahassee is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Tullahassee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tullahassee 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 Tullahassee's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the zip code 74454 has both the highest and lowest median property tax rate of 0.73%. Understanding how these areas compare with Tullahassee provides valuable insights into the varying tax landscape across Wagoner County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tullahassee Tax Rate
0.73%
Average Wagoner County Tax Rate
0.86%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tullahassee, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74454 | 0.26% | 0.33% | 0.73% | 0.97% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Tullahassee, Oklahoma
In Tullahassee, 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 Wagoner 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 Tullahassee, 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 median home price in Tullahassee is $20,490, with tax bills ranging from $52 at the 25th percentile to $525 at the 90th percentile. The highest and lowest median tax bills are both $143 in the 74454 zip code. Being aware of these valuation processes in Tullahassee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tullahassee Assessed Value
$20,490
Average Wagoner County Assessed Value
$214,676
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tullahassee, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74454 | $4,267 | $11,281 | $20,490 | $86,959 | $101,054 |
Source: Ownwell
Property Tax Bills Across Tullahassee, Oklahoma
Property tax bills in Tullahassee, Wagoner County, OK, are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the home. This value is then multiplied by the local property tax rate to determine the annual tax bill. In Tullahassee, homeowners see a range of tax bills. For instance, the 25th percentile tax bill is $52, while the 75th percentile tax bill is $236. At the higher end, the 90th percentile tax bill reaches $525. These variations are influenced by factors such as property size, location, and any applicable exemptions or deductions. Understanding these factors is crucial for homeowners, as property taxes can significantly impact annual expenses. With the national median property tax rate at 0.99%, comparing local rates and assessed values helps homeowners gauge their tax burden relative to other regions. In Tullahassee, the highest median tax bill recorded is $143, providing a benchmark for residents to consider.
Average Tullahassee Tax Bill
$143
Average Wagoner County Tax Bill
$1,718
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Tullahassee, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74454 | $37 | $52 | $143 | $236 | $525 |
Source: Ownwell