Bokchito, Oklahoma Property Taxes
The median property tax rate in Bokchito, OK is 0.69%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $91,122 in Bokchito, the typical annual property tax bill amounts to $608, significantly less than the national median of $2,690. Property taxes in Bokchito are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Bokchito'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 Bokchito or another part of Bryan County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bokchito, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$629
Ownwell’s Bokchito Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bokchito with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bokchito 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 Bokchito, Oklahoma
Property taxes in Bokchito, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bokchito is 0.69%, lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Bokchito set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bokchito 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 Bokchito's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the zip code 74726 in Bryan County has the highest median property tax rate of 0.69%, while the same zip code also has the lowest median tax rate of 0.69%. Understanding how these areas compare with Bokchito provides valuable insights into the varying tax landscape across Bryan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bokchito Tax Rate
0.69%
Average Bryan County Tax Rate
0.83%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bokchito, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74726 | 0.44% | 0.57% | 0.69% | 0.80% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Bokchito, Oklahoma
In Bokchito, 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 Bryan 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 Bokchito, 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 Bokchito is $91,122, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $314, while the 75th percentile reaches $1,141, and the 90th percentile is as high as $1,695. The zip code 74726 sees the highest and lowest median tax bill at $608. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bokchito Assessed Value
$91,122
Average Bryan County Assessed Value
$117,512
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bokchito, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74726 | $32,295 | $52,159 | $91,122 | $158,163 | $238,953 |
Source: Ownwell
Property Tax Bills Across Bokchito, Oklahoma
In Bokchito, located in Bryan County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Homeowners in Bokchito typically see property tax rates that are relatively low compared to the national median property tax rate of 0.99%. For example, the median home price in Bokchito is $91,122, resulting in varying tax bills. At the 25th percentile, homeowners pay around $314, while at the 75th percentile, the tax bill can reach up to $1,141. For those at the 90th percentile, the tax bill can be as high as $1,695. The highest and lowest median tax bills both stand at $608, reflecting the uniformity in property tax assessments within the zip code 74726. These property taxes impact homeowners by contributing to local services such as schools, public safety, and infrastructure, making it essential for residents to understand how their tax bills are determined and utilized.
Average Bokchito Tax Bill
$608
Average Bryan County Tax Bill
$903
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Bokchito, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74726 | $183 | $314 | $608 | $1,141 | $1,695 |
Source: Ownwell