Geary, Oklahoma Property Taxes
The median property tax rate in Geary, OK, is 0.40%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $54,282 in Geary, the typical annual property tax bill amounts to $208, which is far below the national median of $2,690. Property taxes in Geary are calculated based on the assessed value, which is often less than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Geary'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 Geary or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Geary, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$217
Ownwell’s GEARY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in GEARY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in GEARY 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 Geary, Oklahoma
Property taxes in Geary, Oklahoma, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Geary is 0.40%, which is lower than the U.S. national median of 0.99%. Local government entities within Geary set these rates annually, and they can vary significantly across different neighborhoods. Each year, Geary 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 Geary's effective property tax rate to other regions in Oklahoma and the national median. For comparison, the zip code 73040 has both the highest and lowest median property tax rate in the area, standing at 0.40%. Understanding how these figures compare with Geary provides valuable insights into the varying tax landscape across Blaine County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Geary Tax Rate
0.40%
Average Blaine County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Geary, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73040 | 0.18% | 0.30% | 0.40% | 0.55% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Geary, Oklahoma
In Geary, 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 Blaine 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 Geary, 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 Geary helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $208.00 in zip code 73040, while the lowest median tax bill is also $208.00 in the same zip code.
Average Geary Assessed Value
$54,282
Average Blaine County Assessed Value
$69,107
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Geary, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73040 | $18,095 | $28,992 | $54,282 | $88,752 | $131,538 |
Source: Ownwell
Property Tax Bills Across Geary, Oklahoma
In Geary, Oklahoma, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, the median home price in Geary is $54,282. Homeowners in the 25th percentile can expect a tax bill around $106, while those in the 75th percentile might see a bill closer to $400. The tax bill for homeowners in the 90th percentile can reach up to $655. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life in the community. Compared to the national median property tax rate of 0.99%, Geary's local rates can be considered moderate, making it relatively affordable for homeowners. The highest median tax bill in the area is $208, found in the 73040 zip code, reflecting the consistency in property tax rates across the region.
Average Geary Tax Bill
$208
Average Blaine County Tax Bill
$441
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Geary, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73040 | $55 | $106 | $208 | $400 | $655 |
Source: Ownwell