Overbrook, Oklahoma Property Taxes
The median property tax rate in Overbrook, OK is 0.78%, 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 $132,253 in Overbrook, the typical annual property tax bill amounts to $929, significantly below the national median of $2,690. Property taxes in Overbrook are calculated based on the tax assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. By understanding Overbrook's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're in the heart of Overbrook or another part of the city, gaining insight into the local property tax system will be beneficial.
Last Updated June 14, 2024
Overbrook, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$1,032
Ownwell’s Overbrook Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Overbrook with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Overbrook 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 Carter County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Overbrook, Oklahoma
Property taxes in Overbrook, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Overbrook is 0.78%, which is lower than the U.S. national median of 0.99%. Local government entities within Overbrook set these rates annually, and they can vary significantly across different neighborhoods. Each year, Overbrook 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 Overbrook's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73453 has both the highest and lowest median property tax rate of 0.78%. Understanding how these cities compare with Overbrook 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 Overbrook Tax Rate
0.78%
Average Carter County Tax Rate
0.85%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Overbrook, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73453 | 0.51% | 0.63% | 0.78% | 1.07% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Overbrook, Oklahoma
In Overbrook, 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 Carter 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. Assessment notices in Overbrook 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 Overbrook helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 73453 has the highest and lowest median tax bill of $929.
Average Overbrook Assessed Value
$132,253
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 Overbrook, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73453 | $60,000 | $82,121 | $132,253 | $319,220 | $407,396 |
Source: Ownwell
Property Tax Bills Across Overbrook, Oklahoma
In Overbrook, Carter County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate, which is applied to this assessed value, determines the final tax bill. For example, with a median home price of $132,253, homeowners can expect varying tax bills depending on specific factors such as property size, location, and any applicable exemptions. The tax bill in Overbrook can range significantly. At the 25th percentile, homeowners pay around $663, while at the 75th percentile, the tax bill can rise to $2,634. For those at the 90th percentile, the tax bill reaches $3,565. The highest and lowest median tax bills in the area are both $929, found in the 73453 ZIP code. These figures highlight the variability in property taxes, influenced by both the assessed value and the local tax rate, which can affect homeowners' financial planning and overall cost of living. Compared to the national median property tax rate of 0.99%, Overbrook's rates provide a unique perspective on local taxation.
Average Overbrook Tax Bill
$929
Average Carter County Tax Bill
$941
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Overbrook, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73453 | $468 | $663 | $929 | $2,634 | $3,565 |
Source: Ownwell