Red Oak, Oklahoma Property Taxes
The median property tax rate in Red Oak, OK is 0.67%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Red Oak at $173,041, the typical annual property tax bill is about $1,032, which is well below the national median of $2,690. Property taxes in Red Oak are determined based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural land. Gaining a thorough understanding of Red Oak's property tax system and exploring available exemptions can result in considerable annual savings. Whether you're residing in Red Oak or investing in property there, becoming familiar with the local property tax structure will be advantageous for homeowners and real estate investors alike.
Last Updated June 14, 2024
Red Oak, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.67%
Estimate Property Tax Bill
$1,159
Ownwell’s RED OAK Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in RED OAK with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in RED OAK 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 Red Oak, Oklahoma
Property taxes in Red Oak, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Red Oak is 0.67%, which is lower than the U.S. national median of 0.99%. Local government entities within Red Oak set these rates annually, and they can vary significantly across different neighborhoods. Each year, Red Oak 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 Red Oak's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74563 zip code has both the highest and the lowest median property tax rate of 0.67%. Understanding how these cities compare with Red Oak provides valuable insights into the varying tax landscape across Le Flore County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Red Oak Tax Rate
0.67%
Average Le Flore County Tax Rate
0.80%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Red Oak, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74563 | 0.50% | 0.57% | 0.67% | 0.77% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Red Oak, Oklahoma
In Red Oak, 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 Le Flore 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 Red Oak, 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 Red Oak helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Red Oak is $173,041, with tax bills ranging from $850 at the 25th percentile to $1,136 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 74563, with a median tax bill of $1,032.
Average Red Oak Assessed Value
$173,041
Average Le Flore County Assessed Value
$72,264
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Red Oak, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74563 | $95,877 | $124,814 | $173,041 | $198,035 | $213,031 |
Source: Ownwell
Property Tax Bills Across Red Oak, Oklahoma
In Red Oak, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor's office. The assessed value is a percentage of the market value of the property. For homeowners in Le Flore County, the property tax rate and the assessed value together determine the annual tax bill. The median home price in Red Oak is $173,041, with tax bills ranging from $850 at the 25th percentile to $1,097 at the 75th percentile, and up to $1,136 at the 90th percentile. Homeowners in Red Oak face property tax bills that are influenced by various factors, including the overall market conditions and specific property characteristics. These tax bills can significantly impact homeowners' finances, especially when compared to the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their tax obligations and plan their budgets accordingly.
Average Red Oak Tax Bill
$1,032
Average Le Flore County Tax Bill
$517
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Red Oak, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74563 | $740 | $850 | $1,032 | $1,097 | $1,136 |
Source: Ownwell