Boswell, Oklahoma Property Taxes
The median property tax rate in Boswell, Oklahoma is 0.76%, 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 Boswell at $63,198, the typical annual property tax bill amounts to $424, significantly below the national median of $2,690. Property taxes in Boswell are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Boswell'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 Boswell or another part of Atoka County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Boswell, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$480
Ownwell’s Boswell Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Boswell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Boswell to estimate your property tax bill. This valuable tool provides insight into potential tax liabilities. For those interested in observing trends at a neighborhood level, more localized information is available below. Your property’s assessed value is determined by the county for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Boswell, Oklahoma
Property taxes in Boswell, Oklahoma, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Boswell is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Boswell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Boswell 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 Boswell's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74727 zip code has both the highest and lowest median property tax rate of 0.76%. Understanding how these cities compare with Boswell provides valuable insights into the varying tax landscape across Atoka County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Boswell Tax Rate
0.76%
Average Atoka County Tax Rate
0.71%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Boswell, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74727 | 0.39% | 0.55% | 0.76% | 0.87% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Boswell, Oklahoma
In Boswell, 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 Atoka 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 Boswell, 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 Boswell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Boswell is $424, found in zip code 74727, while the lowest median tax bill is also $424 in the same zip code.
Average Boswell Assessed Value
$63,198
Average Atoka County Assessed Value
$86,760
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Boswell, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74727 | $22,164 | $36,149 | $63,198 | $102,464 | $178,637 |
Source: Ownwell
Property Tax Bills Across Boswell, Oklahoma
In Boswell, Atoka County, OK, property tax bills are calculated based on the assessed value of a property, which is typically 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 this calculation, including the property's location, size, and any applicable exemptions or deductions. For homeowners in Boswell, the median home price is $63,198. Property tax bills can vary significantly, with the 25th percentile paying around $287 annually, while those in the 75th percentile pay about $728. At the higher end, the 90th percentile sees tax bills reaching $1,511. The highest median tax bill in the area is $424, observed in the 74727 zip code. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. For homeowners, understanding how their tax bill is determined can help them plan their finances better and potentially explore exemptions to reduce their burden.
Average Boswell Tax Bill
$424
Average Atoka County Tax Bill
$584
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Boswell, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74727 | $99 | $287 | $424 | $728 | $1,511 |
Source: Ownwell