Geary, Oklahoma Property Taxes
The median property tax rate in Geary, OK is 0.59%, which is notably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $126,084 in Geary, the typical annual property tax bill amounts to $646, significantly below the national median of $2,690. Property taxes in Geary are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as 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 Canadian County, 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
0.59%
Estimate Property Tax Bill
$744
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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Geary is 0.59%, which is significantly lower than both the Oklahoma state median and 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 counties in Oklahoma and the national median. For comparison, the 73040 zip code has the highest median property tax rate of 0.59%, while the same zip code also has the lowest median tax rate of 0.59%. Understanding how these cities compare with Geary provides valuable insights into the varying tax landscape across Canadian County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Geary Tax Rate
0.59%
Average Canadian County Tax Rate
1.01%
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 | 0.33% | 0.49% | 0.59% | 0.68% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Geary, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Geary, 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 Canadian 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. For instance, the median home price in Geary is $126,084, with tax bills ranging from $331 at the 25th percentile to $1,824 at the 90th percentile. The zip code 73040 has both the highest and lowest median tax bill at $646. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Geary Assessed Value
$126,084
Average Canadian County Assessed Value
$228,594
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 | $23,345 | $57,619 | $126,084 | $194,965 | $296,292 |
Source: Ownwell
Property Tax Bills Across Geary, Oklahoma
In Geary, located in Canadian 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 Geary is $126,084. Property taxes here are influenced by various factors, including the home's assessed value, local tax rates, and any applicable exemptions. For example, homeowners in the 25th percentile can expect a tax bill around $331, while those in the 75th percentile might see bills up to $1,112. At the 90th percentile, tax bills can reach as high as $1,824. These figures highlight the range of property tax burdens depending on individual property values and local rates. Comparing these numbers to the national median property tax rate of 0.99%, it’s clear that Geary’s property taxes can vary significantly. Understanding these factors helps homeowners anticipate their annual tax obligations and plan accordingly, ensuring they are well-prepared for their financial responsibilities.
Average Geary Tax Bill
$646
Average Canadian County Tax Bill
$2,244
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 | $134 | $331 | $646 | $1,112 | $1,824 |
Source: Ownwell