Grant, Oklahoma Property Taxes
The median property tax rate in Grant, OK is 0.71%, 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 $47,241 in Grant, the typical annual property tax bill is $316, significantly below the national median of $2,690. Property taxes in Grant are calculated based on the assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Grant'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 Grant or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Grant, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$335
Ownwell’s Grant Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grant with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grant 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 Grant, Oklahoma
Property taxes in Grant, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grant is 0.71%, which is lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Grant set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grant 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 Grant's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74738 zip code has the highest median property tax rate of 0.71%, while the 74738 zip code also has the lowest median tax rate of 0.71%. Understanding how these cities compare with Grant provides valuable insights into the varying tax landscape across Oklahoma, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grant Tax Rate
0.71%
Average Choctaw County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grant, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74738 | 0.29% | 0.52% | 0.71% | 0.95% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Grant, Oklahoma
In Grant, 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 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 Grant, 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. Being aware of these valuation processes in Grant helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Grant is $47,241, with tax bills ranging from $184 at the 25th percentile to $1,304 at the 90th percentile. The zip code 74738 has the highest and lowest median tax bill of $316.
Average Grant Assessed Value
$47,241
Average Choctaw County Assessed Value
$60,068
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grant, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74738 | $20,811 | $30,212 | $47,241 | $86,727 | $139,524 |
Source: Ownwell
Property Tax Bills Across Grant, Oklahoma
In Grant, located in Choctaw County, OK, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value, and this percentage can vary by jurisdiction. Once the assessed value is determined, the local tax rate is applied to calculate the tax bill. Several factors influence the tax bill, including the property's location, the local tax rate, and any applicable exemptions or deductions. For example, in Grant, the tax bill for homes at the 25th percentile is around $184, while those at the 75th percentile pay approximately $628. At the higher end, the 90th percentile tax bill reaches up to $1,304. Understanding how these factors interplay helps homeowners anticipate their annual property tax obligations. While the national median property tax rate is 0.99%, local rates and home values can significantly affect the final amount, impacting household budgets and financial planning.
Average Grant Tax Bill
$316
Average Choctaw County Tax Bill
$370
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Grant, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74738 | $59 | $184 | $316 | $628 | $1,304 |
Source: Ownwell