Braman, Kay County, Oklahoma Property Taxes
The median property tax rate in Braman, OK is 0.69%, 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 $72,092 in Braman, the typical annual property tax bill is around $450, significantly below the national median of $2,690. Property taxes in Braman are calculated based on the assessed value, which usually falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Braman'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 Braman or another part of Kay County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Braman, Kay County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$497
$462
Ownwell’s Braman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Braman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Braman 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 Braman, Kay County, Oklahoma
Property taxes in Braman, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Braman is 0.69%, which is lower than the U.S. national median of 0.99%. Local government entities within Braman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Braman 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 Braman's effective property tax rate to other areas in Kay County and the national median. For comparison, the 74632 zip code has both the highest and lowest median property tax rate of 0.69%. Understanding how these areas compare with Braman provides valuable insights into the varying tax landscape across Kay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Braman Tax Rate
0.69%
Average Kay County Tax Rate
0.75%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Braman, Kay County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74632 | 0.44% | 0.53% | 0.69% | 0.83% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Braman, Kay County, Oklahoma
In Braman, 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 Kay County Assessor 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 Braman, 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 Braman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 74632 has the highest and lowest median tax bill, both at $450.00.
Property Tax Assessment Values Across Braman, Kay County, Oklahoma
Source: Ownwell
$44,569
$99,335
$154,100
Average Braman Assessed Value
$72,092
Average Kay County Assessed Value
$73,378
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Braman, Kay County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74632 | $21,993 | $35,748 | $72,092 | $130,473 | $205,576 |
Source: Ownwell
Property Tax Bills Across Braman, Kay County, Oklahoma
In Braman, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the county assessor and is typically a percentage of the market value of the property. For instance, with a median home price of $72,092, the tax bill can vary significantly. The 25th percentile tax bill stands at $224, while the 75th percentile reaches $983, and the 90th percentile goes up to $1,558. Several factors influence your property tax bill, including property size, location, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Braman's rates can offer a sense of relief to homeowners. However, understanding these factors and how they impact your bill is crucial for effective financial planning. Homeowners in Braman should be aware of these variables to anticipate their annual tax obligations better and potentially explore avenues for appealing their assessed values if they seem disproportionately high.
Average Braman Tax Bill
$450
Average Kay County Tax Bill
$552
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Braman, Kay County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74632 | $110 | $224 | $450 | $983 | $1,558 |
Source: Ownwell