Omega, Kingfisher County, Oklahoma Property Taxes
The median property tax rate in OMEGA, OK is 0.77%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in OMEGA, the typical annual property tax bill reaches $1,357, significantly below the national median of $2,690. Property taxes in OMEGA 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 OMEGA'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 OMEGA 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
Omega, Kingfisher County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$1,362
$1,264
Ownwell’s OMEGA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in OMEGA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in OMEGA 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 Omega, Kingfisher County, Oklahoma
Property taxes in Omega, Oklahoma, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Omega is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Omega set these rates annually, and they can vary significantly across different neighborhoods. Each year, Omega 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 Omega's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73764 has the highest median property tax rate of 0.77%, while the same zip code also has the lowest median tax rate of 0.77%. Understanding how these cities compare with Omega 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 Omega Tax Rate
0.77%
Average Kingfisher County Tax Rate
0.84%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Omega, Kingfisher County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73764 | 0.49% | 0.60% | 0.77% | 0.97% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Omega, Kingfisher County, Oklahoma
In Omega, 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 Omega, 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. The median home price in Omega is $176,896, with property tax bills ranging from $694 at the 25th percentile to $3,604 at the 90th percentile. The zip code with the highest and lowest median tax bill is 73764, with a median tax bill of $1,357. Being aware of these valuation processes in Omega helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Omega, Kingfisher County, Oklahoma
Source: Ownwell
$119,734
$161,141
$202,548
Average Omega Assessed Value
$176,896
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 Omega, Kingfisher County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73764 | $49,947 | $100,466 | $176,896 | $260,837 | $395,131 |
Source: Ownwell
Property Tax Bills Across Omega, Kingfisher County, Oklahoma
In Omega, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the property's market value, which is determined by the county's assessor. Factors such as the property's location, size, and condition are considered in this valuation. For homeowners in Omega, the tax bill can vary significantly. For instance, the 25th percentile tax bill is around $694, while the 75th percentile tax bill reaches up to $1862. The 90th percentile tax bill can go as high as $3604. These figures highlight the range of property tax burdens that homeowners might face. Comparatively, the national median property tax rate is 0.99%. This means that Omega's property tax rates might be relatively lower or higher depending on specific local rates and assessed values. Understanding these factors can help homeowners better anticipate their annual property tax expenses and plan their finances accordingly.
Average Omega Tax Bill
$1,357
Average Kingfisher County Tax Bill
$1,129
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Omega, Kingfisher County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73764 | $408 | $694 | $1,357 | $1,862 | $3,604 |
Source: Ownwell