May, Oklahoma Property Taxes
The median property tax rate in MAY, OK is 0.53%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in MAY, the typical annual property tax bill is $206, far below the national median of $2,690. Property taxes in MAY 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 MAY'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 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, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$199
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, 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 0.53%, which is lower than both the Oklahoma state median and 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 0.53%. Understanding how these cities compare with MAY provides valuable insights into the varying tax landscape across Harper County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average May Tax Rate
0.53%
Average Harper County Tax Rate
0.73%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across May, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73851 | 0.34% | 0.45% | 0.53% | 0.69% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across May, 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 Harper 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 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. For instance, zip code 73851 has the highest and lowest median tax bill, both at $206. Being aware of these valuation processes in MAY helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average May Assessed Value
$37,534
Average Harper County Assessed Value
$57,434
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across May, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73851 | $17,479 | $23,951 | $37,534 | $56,966 | $103,649 |
Source: Ownwell
Property Tax Bills Across May, Oklahoma
In the city of May in Harper County, OK, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor's office. The assessed value is a percentage of the market value of the property. Once the assessed value is established, the local tax rate is applied to this value to calculate the annual property tax bill. For homeowners in May, the median home price is $37,534. Property tax bills can vary significantly, with the 25th percentile tax bill being $134, the 75th percentile at $324, and the 90th percentile reaching $777. These variations depend on factors such as property location within the city, property size, and any applicable exemptions or deductions. Comparatively, the national median property tax rate is 0.99%, making Harper County's tax rates relatively moderate. Understanding these factors helps homeowners anticipate their annual tax obligations and manage their finances accordingly.
Average May Tax Bill
$206
Average Harper County Tax Bill
$402
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across May, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73851 | $65 | $134 | $206 | $324 | $777 |
Source: Ownwell