Medford, Oklahoma Property Taxes
The median property tax rate in Medford, OK is 0.66%, which is notably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Medford being $79,598, the typical annual property tax bill amounts to $496, significantly less than the national median of $2,690. Property taxes in Medford 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 Medford's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Medford or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Medford, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$525
-$5,506
Ownwell’s Medford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Medford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Medford 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 Medford, Oklahoma
Property taxes in Medford, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Medford is 0.66%, which is lower than the U.S. national median of 0.99%. Local government entities within Medford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Medford 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 Medford's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73759 zip code has the highest median property tax rate of 0.66%, while it also has the lowest median tax rate of 0.66%. Understanding how these cities compare with Medford provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Medford Tax Rate
0.66%
Average Grant County Tax Rate
0.60%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Medford, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73759 | 0.35% | 0.50% | 0.66% | 0.78% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Medford, Oklahoma
In Medford, 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 Grant County Appraisal District 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 Medford, 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. Medford's median home price stands at $79,598. The tax bill ranges significantly, with the 25th percentile at $265 and the 90th percentile at $1,435. The highest median tax bill of $496 is found in the 73759 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Medford Assessed Value
$79,598
Average Grant County Assessed Value
$83,486
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Medford, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73759 | $30,122 | $48,356 | $79,598 | $121,344 | $214,975 |
Source: Ownwell
Property Tax Bills Across Medford, Oklahoma
In Medford, located in Grant County, OK, property tax bills are determined by the assessed value of a home and the local tax rate. The assessed value is a percentage of the property's market value, which is then multiplied by the tax rate to calculate the annual tax bill. For instance, with a median home price of $79,598, homeowners can expect to pay a tax bill around the median of $496 annually. However, tax bills can vary widely; homeowners in the 25th percentile might pay as little as $265, while those in the 90th percentile could pay up to $1,435. Factors such as property improvements, neighborhood developments, and changes in market conditions can influence the assessed value, thereby affecting the tax bill. Compared to the national median property tax rate of 0.99%, Medford’s property tax bills are relatively moderate, providing some financial relief to homeowners. Understanding these calculations helps homeowners anticipate their annual expenses and plan their finances accordingly.
Average Medford Tax Bill
$496
Average Grant County Tax Bill
$460
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Medford, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73759 | $135 | $265 | $496 | $833 | $1,435 |
Source: Ownwell