Graham, Oklahoma Property Taxes
The median property tax rate in Graham, OK is 0.56%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Graham, the typical annual property tax bill is $308, far below the national median of $2,690. Property taxes in Graham are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Graham'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 Graham or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Graham, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$399
Ownwell’s Graham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Graham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Graham 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 Graham, Oklahoma
Property taxes in Graham, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Graham is 0.56%, which is lower than the U.S. national median of 0.99%. Local government entities within Graham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Graham 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 Graham's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73437 has both the highest and lowest median property tax rate of 0.56%. Understanding how these cities compare with Graham provides valuable insights into the varying tax landscape across Carter County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Graham Tax Rate
0.56%
Average Carter County Tax Rate
0.85%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Graham, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73437 | 0.21% | 0.43% | 0.56% | 0.74% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Graham, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Graham, 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 Carter County Appraisal District 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 Graham, 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. For instance, the median home price in Graham is $71,306, with tax bills ranging from $194 at the 25th percentile to $1,209 at the 90th percentile. The zip code 73437 has the highest median tax bill of $308. 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 Graham Assessed Value
$71,306
Average Carter County Assessed Value
$117,168
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Graham, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73437 | $27,354 | $35,994 | $71,306 | $101,264 | $200,064 |
Source: Ownwell
Property Tax Bills Across Graham, Oklahoma
In Graham, 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 Graham is $71,306. The property tax rate in Graham's county, Carter, is applied to this assessed value to determine the annual tax bill. For example, homeowners at the 25th percentile can expect a tax bill around $194, while those at the 75th percentile may see bills closer to $750. The highest median tax bill in the area is $308, found in the 73437 zip code. Several factors influence the property tax bill, including the home's market value, the local tax rate, and any applicable exemptions or deductions. These taxes are crucial for funding local services such as schools, public safety, and infrastructure. Understanding how property taxes are calculated helps homeowners budget accordingly and ensures they are aware of potential financial obligations tied to homeownership in Graham.
Average Graham Tax Bill
$308
Average Carter County Tax Bill
$941
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Graham, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73437 | $102 | $194 | $308 | $750 | $1,209 |
Source: Ownwell