Drumright, Oklahoma Property Taxes
The median property tax rate in Drumright, OK is 0.78%, lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $71,045 in Drumright, the typical annual property tax bill amounts to $522, significantly less than the national median of $2,690. Property taxes in Drumright are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural use. Understanding Drumright'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 Drumright or another part of Creek County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Drumright, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$554
Ownwell’s Drumright Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Drumright with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Drumright 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 Drumright, Oklahoma
Property taxes in Drumright, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Drumright is 0.78%, which is lower than the U.S. national median of 0.99%. Local government entities within Drumright set these rates annually, and they can vary significantly across different neighborhoods. Each year, Drumright 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. Understanding how Drumright's effective property tax rate compares to other counties in Oklahoma and the national median provides valuable insights into the varying tax landscape across Creek County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Drumright Tax Rate
0.78%
Average Creek County Tax Rate
0.88%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Drumright, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74030 | 0.35% | 0.54% | 0.78% | 1.03% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Drumright, Oklahoma
In Drumright, 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 Creek 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 Drumright, 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. The median home price in Drumright is $71,045, with tax bills ranging from $270 at the 25th percentile to $1,776 at the 90th percentile. Notably, the zip code 74030 has both the highest and lowest median tax bill, valued at $522. Being aware of these valuation processes in Drumright helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Drumright Assessed Value
$71,045
Average Creek County Assessed Value
$130,263
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Drumright, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74030 | $25,100 | $43,093 | $71,045 | $123,102 | $195,024 |
Source: Ownwell
Property Tax Bills Across Drumright, Oklahoma
In Drumright, Creek 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 Drumright is $71,045. Local tax rates are applied to this assessed value to determine the annual tax bill. For example, homeowners in the 25th percentile pay around $270 annually, while those in the 75th percentile face bills closer to $1,030. At the 90th percentile, tax bills can reach up to $1,776. Several factors influence these tax bills, including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Drumright's tax bills can be quite variable, reflecting the diverse property values and local tax policies. These taxes significantly impact homeowners by contributing to essential community services such as schools, emergency services, and infrastructure maintenance. Understanding how these factors interplay helps homeowners anticipate their financial responsibilities better.
Average Drumright Tax Bill
$522
Average Creek County Tax Bill
$1,080
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Drumright, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74030 | $129 | $270 | $522 | $1,030 | $1,776 |
Source: Ownwell