Rush Springs, Oklahoma Property Taxes
The median property tax rate in Rush Springs, OK is 0.89%, slightly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Rush Springs, the typical annual property tax bill is $602, considerably less than the national median of $2,690. Property taxes in Rush Springs 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 Rush Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Rush Springs 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
Rush Springs, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$688
Ownwell’s Rush Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rush Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rush Springs 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 Rush Springs, Oklahoma
Property taxes in Rush Springs, Oklahoma, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Rush Springs is 0.89%, slightly below the U.S. national median of 0.99%. Local government entities within Rush Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rush Springs estimates its required budget to maintain services for the upcoming fiscal year and 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 Rush Springs' effective property tax rate to other areas in Oklahoma and the national median. For comparison, the zip code 73082 has both the highest and lowest median property tax rate of 0.89%. Understanding how these areas compare with Rush Springs 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 Rush Springs Tax Rate
0.89%
Average Grady County Tax Rate
1.03%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rush Springs, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73082 | 0.38% | 0.64% | 0.89% | 1.01% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Rush Springs, Oklahoma
In Rush Springs, 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 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 Rush Springs, 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. Rush Springs has a median home price of $77,288, with tax bills ranging from $315 at the 25th percentile to $1,748 at the 90th percentile. The highest and lowest median tax bills are both $602, found in zip code 73082. Being aware of these valuation processes in Rush Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Rush Springs Assessed Value
$77,288
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 Rush Springs, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73082 | $29,274 | $44,552 | $77,288 | $126,281 | $182,550 |
Source: Ownwell
Property Tax Bills Across Rush Springs, Oklahoma
In Rush Springs, 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. The local tax rate is then applied to this assessed value to determine the annual tax bill. For example, with a median home price of $77,288 in Rush Springs, homeowners can expect varying tax bills depending on their property's assessed value. Tax bills in this city range significantly, with the 25th percentile at $315 and the 75th percentile at $1,110, showing a broad spectrum of what homeowners might owe. For those in the 90th percentile, tax bills can reach up to $1,748. This variability affects homeowners differently, depending on their property’s assessed value and the local tax rate. Compared to the national median property tax rate of 0.99%, Rush Springs offers a relatively affordable tax environment, making it attractive for potential homeowners looking for lower property tax obligations.
Average Rush Springs Tax Bill
$602
Average Grady County Tax Bill
$1,186
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Rush Springs, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73082 | $163 | $315 | $602 | $1,110 | $1,748 |
Source: Ownwell