Jet, Alfalfa County, Oklahoma Property Taxes
The median property tax rate in JET, OK is 0.84%, 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 JET, the typical annual property tax bill amounts to $214, significantly below the national median of $2,690. Property taxes in JET are calculated based on the tax assessed value, which is often less than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding JET'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 JET or another part of Alfalfa County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Jet, Alfalfa County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$239
$222
Ownwell’s JET Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in JET with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in JET 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 Jet, Alfalfa County, Oklahoma
Property taxes in JET, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in JET is 0.84%, which is lower than the U.S. national median of 0.99%. Local government entities within JET set these rates annually, and they can vary significantly across different neighborhoods. Each year, JET 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 JET's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73749 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 cities compare with JET provides valuable insights into the varying tax landscape across Alfalfa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jet Tax Rate
0.84%
Average Alfalfa County Tax Rate
0.87%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jet, Alfalfa County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73749 | 0.39% | 0.64% | 0.84% | 0.98% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Jet, Alfalfa County, Oklahoma
In JET, 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 Alfalfa 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 JET, 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 JET helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 73749 in JET has both the highest and lowest median tax bills at $214.
Property Tax Assessment Values Across Jet, Alfalfa County, Oklahoma
Source: Ownwell
$28,479
$70,767
$113,054
Average Jet Assessed Value
$28,479
Average Alfalfa County Assessed Value
$48,960
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jet, Alfalfa County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73749 | $8,135 | $17,428 | $28,479 | $54,394 | $105,359 |
Source: Ownwell
Property Tax Bills Across Jet, Alfalfa County, Oklahoma
In JET, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For example, with a median home price of $28,479, the assessed value is determined by local assessment rules. The tax rate is then applied to this assessed value to calculate the property tax bill. Various factors influence this tax bill, including property size, location, and any applicable exemptions or deductions. Homeowners in JET experience a range of property tax bills, with the 25th percentile at $105, the 75th percentile at $405, and the 90th percentile reaching up to $833. These figures illustrate the variability in property taxes, which can significantly impact household budgets. While the median tax bill in JET's zip code 73749 is $214, it is essential to note that this is considerably lower than the national median property tax rate of 0.99%. This lower tax burden can be a financial relief for homeowners, making JET an attractive place to own property.
Average Jet Tax Bill
$214
Average Alfalfa County Tax Bill
$402
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Jet, Alfalfa County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73749 | $56 | $105 | $214 | $405 | $833 |
Source: Ownwell