Omega, Oklahoma Property Taxes
The median property tax rate in Omega, OK is 0.94%, slightly below both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Omega at $197,283, the typical annual property tax bill is around $1,571, which falls short of the national median of $2,690. Property taxes in Omega are calculated based on the tax assessed value, which often comes in below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Omega'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 Omega 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
Omega, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$1,854
Ownwell’s OMEGA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in OMEGA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in OMEGA 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 Omega, Oklahoma
Property taxes in Omega, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Omega is 0.94%, slightly below the U.S. national median of 0.99%. Local government entities within Omega set these rates annually, and they can vary across different neighborhoods. Each year, Omega 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 Omega's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the 73764 zip code has both the highest and lowest median property tax rate in Blaine County, standing at 0.94%. Understanding how these rates compare with Omega 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 Omega Tax Rate
0.94%
Average Blaine County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Omega, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73764 | 0.63% | 0.87% | 0.94% | 0.96% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Omega, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Omega, Oklahoma. 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 Omega, 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. The median home price in Omega is $197,283, with tax bills ranging from $1,184 at the 25th percentile to $3,179 at the 90th percentile. The zip code with the highest median tax bill is 73764, amounting to $1,571, which is also the lowest median tax bill in the area. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. This awareness helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Omega Assessed Value
$197,283
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 Omega, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73764 | $117,928 | $132,032 | $197,283 | $234,352 | $351,739 |
Source: Ownwell
Property Tax Bills Across Omega, Oklahoma
Property tax bills in Omega, Blaine County, Oklahoma are determined based on the assessed value of a property, which is a percentage of its market value. The assessed value is multiplied by the local tax rate to calculate the annual property tax bill. Factors influencing the tax bill include the property's market value, local tax rates, and any applicable exemptions. For instance, the median home price in Omega is $197,283, and the property tax rate in the area is relatively moderate compared to the national median property tax rate of 0.99%. Homeowners in Omega can expect their tax bills to vary significantly. At the 25th percentile, the tax bill is approximately $1,184, while at the 75th percentile, it rises to about $2,295. For those at the 90th percentile, the tax bill can reach up to $3,179. These variations are influenced by the specific assessed values and applicable exemptions. Understanding these factors is crucial for homeowners to anticipate their annual property tax obligations accurately.
Average Omega Tax Bill
$1,571
Average Blaine County Tax Bill
$441
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Omega, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73764 | $1,004 | $1,184 | $1,571 | $2,295 | $3,179 |
Source: Ownwell