Bernice, Oklahoma Property Taxes
The median property tax rate in Bernice, Oklahoma is 0.71%, considerably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Bernice at $103,067, the typical annual property tax bill reaches $616, significantly below the national median of $2,690. Property taxes in Bernice 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 Bernice'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 Bernice or another part of Delaware County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bernice, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$732
Ownwell’s Bernice Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bernice with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bernice 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 Bernice, Oklahoma
Property taxes in Bernice, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bernice is 0.71%, lower than the U.S. national median of 0.99%. Local government entities within Bernice set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bernice 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 Bernice's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74331 zip code has the same median property tax rate of 0.71%. Understanding how these areas compare with Bernice provides valuable insights into the varying tax landscape across Delaware County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bernice Tax Rate
0.71%
Average Delaware County Tax Rate
0.78%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bernice, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74331 | 0.40% | 0.56% | 0.71% | 0.90% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Bernice, Oklahoma
In Bernice, 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 Delaware 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 Bernice, 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 Bernice helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $616 in the 74331 zip code, which is also the lowest median tax bill, providing a clear picture of the local tax landscape.
Average Bernice Assessed Value
$103,067
Average Delaware County Assessed Value
$141,764
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bernice, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74331 | $17,275 | $47,100 | $103,067 | $160,002 | $240,709 |
Source: Ownwell
Property Tax Bills Across Bernice, Oklahoma
In Bernice, Delaware County, OK, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The tax rate in this region determines the final bill. Homeowners in Bernice experience a range of property tax bills, with the 25th percentile paying around $288 and the 75th percentile facing bills up to $1,129. The 90th percentile sees even higher bills, reaching $1,632. The median tax bill in Bernice is $616, which is significantly lower than the national median property tax rate of 0.99%. Several factors influence these tax bills, including property size, location, and improvements made to the home. For homeowners, understanding these factors is crucial as they directly impact the amount owed annually. Lower property taxes in Bernice can make homeownership more affordable compared to other regions, potentially attracting new residents seeking lower living costs. However, higher-value homes or properties with significant improvements may face higher tax bills, reflecting their increased assessed value.
Average Bernice Tax Bill
$616
Average Delaware County Tax Bill
$1,031
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Bernice, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74331 | $126 | $288 | $616 | $1,129 | $1,632 |
Source: Ownwell