Oilton, Oklahoma Property Taxes
The median property tax rate in Oilton, OK is 0.67%, which is significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Oilton at $61,707, the typical annual property tax bill comes to $352, far below the national median of $2,690. Property taxes in Oilton are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Oilton's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Oilton 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
Oilton, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.67%
Estimate Property Tax Bill
$413
Ownwell’s Oilton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oilton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oilton 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 Oilton, Oklahoma
Property taxes in Oilton, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oilton is 0.67%, which is lower than the U.S. national median of 0.99%. Local government entities within Oilton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oilton 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 these cities compare with Oilton 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 Oilton Tax Rate
0.67%
Average Creek County Tax Rate
0.88%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oilton, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74052 | 0.30% | 0.46% | 0.67% | 0.96% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Oilton, Oklahoma
In Oilton, 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 Oilton, 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 Oilton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Oilton is $61,707, with tax bills ranging from $175 at the 25th percentile to $1,233 at the 90th percentile. The highest and lowest median tax bills are both $352 in the 74052 zip code.
Average Oilton Assessed Value
$61,707
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 Oilton, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74052 | $10,000 | $33,853 | $61,707 | $98,731 | $138,171 |
Source: Ownwell
Property Tax Bills Across Oilton, Oklahoma
In Oilton, Creek County, OK, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is typically a percentage of the property's market value, which is determined by the county assessor. Factors such as property size, location, and improvements can influence this assessed value. Homeowners in Oilton can expect varying tax bills. For instance, the 25th percentile tax bill is around $175, while the 75th percentile reaches $665. The highest median tax bill recorded in the area is $352, aligning with the lowest median tax bill, indicating a relatively narrow range in tax burdens. Compared to the national median property tax rate of 0.99%, Oilton residents generally experience lower property tax rates, which can be a financial relief for homeowners. Understanding these factors helps homeowners anticipate their tax obligations and manage their finances more effectively.
Average Oilton Tax Bill
$352
Average Creek County Tax Bill
$1,080
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Oilton, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74052 | $78 | $175 | $352 | $665 | $1,233 |
Source: Ownwell