Terral, Jefferson County, Oklahoma Property Taxes
The median property tax rate in Terral, OK is 0.65%, which is notably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $36,786 in Terral, the typical annual property tax bill amounts to $262, significantly below the national median of $2,690. Property taxes in Terral are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Terral'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 Terral or another part of Jefferson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Terral, Jefferson County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$239
$222
Ownwell’s Terral Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Terral with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Terral to provide an estimate of your property tax bill. This valuable tool helps you grasp potential tax liabilities. For those interested in neighborhood-level trends, further localized information is available. Your property’s assessed value is determined by the county for tax calculations, considering any applicable exemptions.
Property Tax Rates Across Terral, Jefferson County, Oklahoma
Property taxes in Terral, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Terral is 0.65%, lower than the U.S. national median of 0.99%. Local government entities within Terral set these rates annually, and they can vary significantly across different neighborhoods. Each year, Terral 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 Terral's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73569 has both the highest and lowest median property tax rate of 0.65%. Understanding how these cities compare with Terral provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Terral Tax Rate
0.65%
Average Jefferson County Tax Rate
0.93%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Terral, Jefferson County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73569 | 0.35% | 0.48% | 0.65% | 0.89% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Terral, Jefferson County, Oklahoma
In Terral, 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 Jefferson 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 Terral, 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 Terral helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Terral are both $262.00 in the 73569 zip code.
Property Tax Assessment Values Across Terral, Jefferson County, Oklahoma
Source: Ownwell
$33,098
$53,306
$73,514
Average Terral Assessed Value
$36,786
Average Jefferson County Assessed Value
$43,058
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Terral, Jefferson County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73569 | $16,131 | $22,593 | $36,786 | $76,153 | $136,022 |
Source: Ownwell
Property Tax Bills Across Terral, Jefferson County, Oklahoma
In Terral, Jefferson County, OK, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This assessed value is typically a percentage of the market value of the property. Homeowners in Terral can expect a range of tax bills, with the 25th percentile at $149 and the 75th percentile at $452. The median tax bill in the area stands at $262, which is significantly lower than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. These exemptions can reduce the overall tax burden for eligible homeowners, making property ownership more affordable. For those in the 90th percentile, tax bills can reach up to $946, highlighting the variability based on property characteristics and assessed values. Understanding these factors can help homeowners anticipate their annual property tax obligations and budget accordingly.
Average Terral Tax Bill
$262
Average Jefferson County Tax Bill
$362
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Terral, Jefferson County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73569 | $80 | $149 | $262 | $452 | $946 |
Source: Ownwell