Norge, Oklahoma Property Taxes
The median property tax rate in Norge, OK is 0.99%, aligning with the national median of 0.99% and slightly above the Oklahoma state median of 0.97%. With the median home value in Norge at $56,426, the typical annual property tax bill amounts to $556, which is notably lower than the national median of $2,690. Property taxes in Norge are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Norge'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 Norge 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
Norge, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$559
Ownwell’s Norge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Norge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Norge 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 Norge, Oklahoma
Property taxes in Norge, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Norge is 0.91%, lower than both the Oklahoma state median of 0.87% and the U.S. national median of 0.99%. Local government entities within Norge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Norge 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 Norge's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73018 zip code has the highest median property tax rate of 1.01%, while the 73018 zip code has the lowest median tax rate of 0.63%. Understanding how these cities compare with Norge provides valuable insights into the varying tax landscape across Grady County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Norge Tax Rate
0.99%
Average Grady County Tax Rate
1.03%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Norge, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73018 | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Norge, Oklahoma
In Norge, 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 Grady County Assessor's Office 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 Norge, 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 Norge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Norge is 73018, both at $556.
Average Norge Assessed Value
$56,426
Average Grady County Assessed Value
$126,704
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Norge, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73018 | $56,426 | $56,426 | $56,426 | $56,426 | $56,426 |
Source: Ownwell
Property Tax Bills Across Norge, Oklahoma
In Norge, located in Grady County, OK, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. For instance, with a median home price of $56,426, the tax bill reflects this valuation. The assessed value is then multiplied by the property tax rate set by the local government to determine the annual tax bill. In Grady County, the median property tax bill stands at $556, which aligns with the amounts observed at the 25th, 75th, and 90th percentiles, indicating a consistent tax rate across different property values. This uniformity simplifies the understanding of tax liabilities for homeowners. Comparatively, the national median property tax rate is 0.99%, making Norge's property tax rate relatively moderate. This consistency in property tax bills can provide homeowners with a predictable financial outlook, which is beneficial for budgeting and long-term planning. Understanding these factors helps homeowners in Norge anticipate their annual property tax obligations accurately.
Average Norge Tax Bill
$556
Average Grady County Tax Bill
$1,186
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Norge, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73018 | $556 | $556 | $556 | $556 | $556 |
Source: Ownwell