May, Ellis County, Oklahoma Property Taxes
The median property tax rate in MAY, OK is 0.76%, 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 $133,654 in MAY, the typical annual property tax bill is $986, falling short of the national median of $2,690. Property taxes in MAY are calculated based on the assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Gaining a thorough understanding of MAY's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in significant annual savings. Whether you're in the heart of MAY 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
May, Ellis County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$1,016
$943
Ownwell’s MAY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MAY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MAY 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 May, Ellis County, Oklahoma
Property taxes in MAY, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in MAY is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within MAY set these rates annually, and they can vary significantly across different neighborhoods. Each year, MAY 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 MAY's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73851 zip code has both the highest and lowest median property tax rate of 0.76%. Understanding how these cities compare with MAY provides valuable insights into the varying tax landscape across Ellis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average May Tax Rate
0.76%
Average Ellis County Tax Rate
0.89%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across May, Ellis County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73851 | 0.54% | 0.71% | 0.76% | 0.83% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across May, Ellis County, Oklahoma
In MAY, 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 Ellis 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 MAY, 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. The median home price in MAY stands at $133,654. 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 MAY helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in the area is $986.00, found in zip code 73851, which also has the lowest median tax bill at the same amount.
Property Tax Assessment Values Across May, Ellis County, Oklahoma
Source: Ownwell
$53,439
$93,547
$133,654
Average May Assessed Value
$133,654
Average Ellis County Assessed Value
$64,405
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across May, Ellis County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73851 | $61,792 | $82,204 | $133,654 | $162,857 | $266,117 |
Source: Ownwell
Property Tax Bills Across May, Ellis County, Oklahoma
In MAY, located in Ellis County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For homeowners in this area, the median home price is $133,654. Local tax authorities apply the relevant tax rate to this assessed value to determine the annual tax bill. Homeowners can expect their tax bills to vary widely. For instance, the 25th percentile tax bill is about $759, while those in the 75th percentile pay around $1302. At the higher end, the 90th percentile tax bill reaches $1668. These variations are influenced by factors such as property location, improvements, and exemptions available to homeowners. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark to understand how local rates stack up. For those in the zip code 73851, the median tax bill is $986, reflecting the specific economic and property conditions of the area. This system ensures that property taxes are proportionate to the value and condition of each property, impacting homeowners' financial planning and real estate decisions.
Average May Tax Bill
$986
Average Ellis County Tax Bill
$539
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across May, Ellis County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73851 | $480 | $759 | $986 | $1,302 | $1,668 |
Source: Ownwell