Twin Oaks, Oklahoma Property Taxes
The median property tax rate in Twin Oaks, OK is 0.57%, considerably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Twin Oaks at $85,279, the typical annual property tax bill reaches $452, well below the national median of $2,690. Property taxes in Twin Oaks 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 Twin Oaks' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Twin Oaks 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
Twin Oaks, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$486
Ownwell’s Twin Oaks Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Twin Oaks with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Twin Oaks 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 Twin Oaks, Oklahoma
Property taxes in Twin Oaks, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Twin Oaks is 0.57%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Twin Oaks set these rates annually, and they can vary significantly across different neighborhoods. Each year, Twin Oaks 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 Twin Oaks' effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74368 has both the highest and lowest median property tax rate of 0.57%. Understanding how these areas compare with Twin Oaks 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 Twin Oaks Tax Rate
0.57%
Average Delaware County Tax Rate
0.78%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Twin Oaks, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74368 | 0.45% | 0.47% | 0.57% | 0.71% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Twin Oaks, Oklahoma
In Twin Oaks, 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 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 Twin Oaks, 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 Twin Oaks helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 74368 has the highest median tax bill at $452, which is also the lowest in the area.
Average Twin Oaks Assessed Value
$85,279
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 Twin Oaks, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74368 | $19,451 | $77,547 | $85,279 | $99,025 | $102,214 |
Source: Ownwell
Property Tax Bills Across Twin Oaks, Oklahoma
In Twin Oaks, Delaware County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, with a median home price of $85,279, the assessed value determines the tax bill. Factors such as property size, location, and market conditions influence the assessed value. Homeowners in Twin Oaks typically see tax bills ranging from $290 at the 25th percentile to $837 at the 90th percentile, with a median tax bill of $452. This variability affects homeowners differently, with those in higher-valued properties paying more. Understanding these factors helps homeowners anticipate their tax obligations and manage their finances better. By comparing this to the national median property tax rate of 0.99%, Twin Oaks residents can gauge how their local tax rate aligns with broader trends, ensuring they are well-informed about their property tax landscape.
Average Twin Oaks Tax Bill
$452
Average Delaware County Tax Bill
$1,031
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Twin Oaks, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74368 | $84 | $290 | $452 | $576 | $837 |
Source: Ownwell