Marshall, Oklahoma Property Taxes
The median property tax rate in Marshall, OK is 0.72%, lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $188,011 in Marshall, the typical annual property tax bill is $1,176, which is significantly below the national median of $2,690. Property taxes in Marshall are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Marshall'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 Marshall 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
Marshall, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$1,354
Ownwell’s Marshall Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Marshall with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marshall to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities, making it easier to plan financially. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Marshall, Oklahoma
Property taxes in Marshall, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marshall is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Marshall set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marshall 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 Marshall's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73056 has the median property tax rate of 0.72%. Understanding how these cities compare with Marshall provides valuable insights into the varying tax landscape across Kingfisher County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marshall Tax Rate
0.72%
Average Kingfisher County Tax Rate
0.84%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marshall, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73056 | 0.43% | 0.54% | 0.72% | 0.83% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Marshall, Oklahoma
In Marshall, 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 Kingfisher 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 Marshall, 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 example, the median home price in Marshall is $188,011. The median tax bill ranges from $928 at the 25th percentile to $1,793 at the 90th percentile, with the highest and lowest median tax bills both recorded at $1,176 in zip code 73056. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Marshall Assessed Value
$188,011
Average Kingfisher County Assessed Value
$150,533
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marshall, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73056 | $128,372 | $158,526 | $188,011 | $222,810 | $256,204 |
Source: Ownwell
Property Tax Bills Across Marshall, Oklahoma
In Marshall, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Marshall is $188,011. Property taxes are then determined by applying the local tax rate to this assessed value. Various factors such as property size, location, and improvements can influence the assessed value. Homeowners in Marshall can expect a range of property tax bills. For instance, those at the 25th percentile might pay around $928 annually, while those at the 75th percentile could see bills closer to $1,560. The highest tax bills, around the 90th percentile, reach approximately $1,793. These tax bills directly impact homeowners by contributing to the funding of local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Marshall's tax rates offer a glimpse into the local economic landscape and its implications for residents.
Average Marshall Tax Bill
$1,176
Average Kingfisher County Tax Bill
$1,129
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Marshall, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73056 | $750 | $928 | $1,176 | $1,560 | $1,793 |
Source: Ownwell