Milburn, Oklahoma Property Taxes
The median property tax rate in Milburn, OK is 0.65%, considerably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Milburn at $100,787, the typical annual property tax bill reaches $561, significantly below the national median of $2,690. Property taxes in Milburn 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 Milburn'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 Milburn 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
Milburn, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$655
Ownwell’s Milburn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milburn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milburn 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 Milburn, Oklahoma
Property taxes in Milburn, Oklahoma, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Milburn is 0.65%, which is lower than the U.S. national median of 0.99%. Local government entities within Milburn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milburn 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 Milburn's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the 73450 zip code has the highest median property tax rate of 0.65%, while the same zip code also has the lowest median tax rate of 0.65%. Understanding how these areas compare with Milburn provides valuable insights into the varying tax landscape across Johnston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milburn Tax Rate
0.65%
Average Johnston County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milburn, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73450 | 0.31% | 0.45% | 0.65% | 0.80% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Milburn, Oklahoma
In Milburn, 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 Johnston 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 Milburn, 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 Milburn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $561 in the 73450 zip code, while the lowest median tax bill is also $561 in the same zip code.
Average Milburn Assessed Value
$100,787
Average Johnston County Assessed Value
$84,611
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milburn, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73450 | $31,085 | $55,661 | $100,787 | $171,968 | $255,674 |
Source: Ownwell
Property Tax Bills Across Milburn, Oklahoma
In Milburn, property tax bills are calculated based on the assessed value of a home, which is determined by the Johnston County Assessor's Office. This assessed value is a percentage of the market value of the property. For instance, with a median home price of $100,787, the property tax rate is applied to the assessed value to determine the annual tax bill. The tax rate in Milburn is influenced by local government budgets, school district funding, and other public services. Homeowners in Milburn can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $296, while the 75th percentile reaches $1,007. At the higher end, the 90th percentile tax bill can be as much as $1,760. These variations are due to differences in property values and specific local tax levies. Compared to the national median property tax rate of 0.99%, Milburn's property tax rates can be relatively moderate, providing some relief to homeowners while still supporting essential community services.
Average Milburn Tax Bill
$561
Average Johnston County Tax Bill
$521
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Milburn, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73450 | $164 | $296 | $561 | $1,007 | $1,760 |
Source: Ownwell