Okemah, Oklahoma Property Taxes
The median property tax rate in Okemah, OK is 0.88%, which is below both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $100,112 in Okemah, the typical annual property tax bill amounts to $1,757, which is significantly lower than the national median of $2,690. Property taxes in Okemah are determined based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding the property tax system in Okemah, exploring available exemptions, and finding opportunities for reductions can result in substantial yearly savings. Whether you're in the heart of Okemah or elsewhere in Hughes County, comprehending the local property tax nuances can greatly benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Okemah, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$881
$818
Ownwell’s OKEMAH Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in OKEMAH with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in OKEMAH 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 Okemah, Oklahoma
Property taxes in Okemah, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Okemah is 0.88%, which is lower than the U.S. national median of 0.99%. Local government entities within Okemah set these rates annually, and they can vary significantly across different neighborhoods. Each year, Okemah 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 Okemah's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74859 has both the highest and lowest median property tax rate of 0.88%. Understanding how these cities compare with Okemah provides valuable insights into the varying tax landscape across Hughes County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Okemah Tax Rate
0.88%
Average Hughes County Tax Rate
0.85%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Okemah, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74859 | 0.88% | 0.88% | 0.88% | 0.88% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Okemah, Oklahoma
In Okemah, 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 Hughes 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 Okemah, 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 Okemah helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 74859 has both the highest and lowest median tax bill, valued at $1,757.
Average Okemah Assessed Value
$100,112
Average Hughes County Assessed Value
$41,920
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Okemah, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74859 | $20,022 | $50,056 | $100,112 | $150,168 | $180,202 |
Source: Ownwell
Property Tax Bills Across Okemah, Oklahoma
In Okemah, Hughes County, OK, property tax bills are calculated based on the assessed value of the property. The county assessor determines this assessed value, which is a percentage of the property's market value. Once the assessed value is established, local tax rates, known as millage rates, are applied. These rates are set by various taxing authorities, including school districts, municipalities, and special districts, to fund public services. For homeowners in Okemah, the median home price is $100,112, and the property tax bill at various percentiles, including the 25th, 75th, and 90th, is consistently $1,757. This uniformity suggests a standard millage rate applied across the board. Compared to the national median property tax rate of 0.99%, Okemah's rates are relatively high, impacting homeowners by increasing their annual expenses. High property taxes can influence decisions on homeownership and property investments, making it crucial for residents to understand how these taxes are calculated and their implications on personal finances.
Average Okemah Tax Bill
$1,757
Average Hughes County Tax Bill
$328
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Okemah, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74859 | $1,757 | $1,757 | $1,757 | $1,757 | $1,757 |
Source: Ownwell