Kremlin, Oklahoma Property Taxes
The median property tax rate in Kremlin, OK is 1.12%, higher than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Kremlin at $99,310, the typical annual property tax bill reaches $1,050, exceeding the national median of $2,690. Property taxes in Kremlin 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 Kremlin'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 Kremlin 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
Kremlin, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$1,112
Ownwell’s Kremlin Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Kremlin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kremlin 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 Kremlin, Oklahoma
Property taxes in Kremlin, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kremlin is 0.75%, lower than both the Oklahoma state median of 0.90% and the U.S. national median of 0.99%. Local government entities within Kremlin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kremlin 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 Kremlin's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73753 zip code has the highest median property tax rate of 0.75%, while the same zip code also has the lowest median tax rate of 0.75%. Understanding how these cities compare with Kremlin provides valuable insights into the varying tax landscape across Garfield County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kremlin Tax Rate
1.12%
Average Garfield County Tax Rate
1.14%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kremlin, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73753 | 0.54% | 0.78% | 1.12% | 1.33% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Kremlin, Oklahoma
In Kremlin, 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 Garfield 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 Kremlin, 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. For instance, the median home price in Kremlin stands at $99,310, with tax bills ranging from $500 at the 25th percentile to $2,623 at the 90th percentile. The zip code with the highest and lowest median tax bill is 73753, both at $1,050. By understanding 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kremlin Assessed Value
$99,310
Average Garfield County Assessed Value
$94,470
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kremlin, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73753 | $29,104 | $68,400 | $99,310 | $160,670 | $245,262 |
Source: Ownwell
Property Tax Bills Across Kremlin, Oklahoma
Property tax bills in Kremlin, located in Garfield County, OK, are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in Kremlin is $99,310, and the property tax rate is applied to this assessed value to determine the annual tax bill. Factors that influence the tax bill include the property's market value, local tax rates, and any applicable exemptions or deductions. Homeowners in Kremlin can expect property tax bills to vary significantly. For instance, the 25th percentile tax bill stands at $500, while the 75th percentile reaches $1,731. At the 90th percentile, homeowners may see tax bills as high as $2,623. These variations highlight the impact of property values and local tax rates on the overall tax burden. Compared to the national median property tax rate of 0.99%, Kremlin's rates offer a unique perspective on how property taxes can affect homeowners differently across regions. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Kremlin Tax Bill
$1,050
Average Garfield County Tax Bill
$950
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Kremlin, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73753 | $239 | $500 | $1,050 | $1,731 | $2,623 |
Source: Ownwell