Balko, Beaver County, Oklahoma Property Taxes
The median property tax rate in Balko, OK is 0.77%, 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 Balko, the typical annual property tax bill is $652, significantly less than the national median of $2,690. Property taxes in Balko are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Balko'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 Balko or another part of Beaver County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Balko, Beaver County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$683
$634
Ownwell’s Balko Property Tax Bill Calculator assists homeowners, real estate investors, and prospective buyers in estimating their annual property taxes in Balko with just two data inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Balko to project your property tax bill. This valuable tool aids in understanding potential tax obligations, providing clarity and foresight. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, considering any applicable exemptions.
Property Tax Rates Across Balko, Beaver County, Oklahoma
Property taxes in Balko, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Balko is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Balko set these rates annually, and they can vary significantly across different neighborhoods. Each year, Balko 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 Balko's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73931 has both the highest and lowest median property tax rate of 0.77%, identical to Balko's rate. Understanding how these cities compare with Balko provides valuable insights into the varying tax landscape across Beaver County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Balko Tax Rate
0.77%
Average Beaver County Tax Rate
0.78%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Balko, Beaver County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73931 | 0.53% | 0.67% | 0.77% | 0.84% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Balko, Beaver County, Oklahoma
In Balko, 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 Beaver 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. Assessment notices in Balko 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 Balko helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Balko are both $652.00, found in zip code 73931.
Property Tax Assessment Values Across Balko, Beaver County, Oklahoma
Source: Ownwell
$59,849
$80,325
$100,801
Average Balko Assessed Value
$88,698
Average Beaver County Assessed Value
$81,838
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Balko, Beaver County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73931 | $46,901 | $64,444 | $88,698 | $139,004 | $193,335 |
Source: Ownwell
Property Tax Bills Across Balko, Beaver County, Oklahoma
In Balko, Beaver County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Balko is $88,698. Property taxes are influenced by several factors, including the assessed value, local tax rates, and any applicable exemptions. For instance, the tax bill at the 25th percentile is $466, while at the 75th percentile, it rises to $1,010. At the 90th percentile, homeowners can expect to pay around $1,457. These figures show a range of property tax bills that homeowners might encounter, depending on their property's assessed value and any local variations in tax rates. With the national median property tax rate at 0.99%, Balko's property tax bills are relatively moderate. Understanding these factors helps homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Balko Tax Bill
$652
Average Beaver County Tax Bill
$600
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Balko, Beaver County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73931 | $337 | $466 | $652 | $1,010 | $1,457 |
Source: Ownwell