Meno, Major County, Oklahoma Property Taxes
The median property tax rate in Meno, OK is 0.86%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $91,232, the typical annual property tax bill in Meno is $772, significantly below the national median of $2,690. Property taxes in Meno 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 Meno'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 Meno 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
Meno, Major County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$785
$728
Ownwell’s Meno Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Meno with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Meno 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 Meno, Major County, Oklahoma
Property taxes in Meno, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Meno is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Meno set these rates annually, and they can vary significantly across different neighborhoods. Each year, Meno 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 Meno's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the zip code 73760 has a median property tax rate of 0.86%. Understanding how these areas compare with Meno provides valuable insights into the varying tax landscape across Major County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Meno Tax Rate
0.86%
Average Major County Tax Rate
0.83%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Meno, Major County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73760 | 0.65% | 0.76% | 0.86% | 0.96% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Meno, Major County, Oklahoma
In Meno, 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 Major 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 Meno, 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 Meno helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $772.00, found in the 73760 zip code.
Property Tax Assessment Values Across Meno, Major County, Oklahoma
Source: Ownwell
$64,953
$102,302
$139,650
Average Meno Assessed Value
$91,232
Average Major County Assessed Value
$92,366
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Meno, Major County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73760 | $35,386 | $54,748 | $91,232 | $130,000 | $199,697 |
Source: Ownwell
Property Tax Bills Across Meno, Major County, Oklahoma
In Meno, located in Major County, Oklahoma, property tax bills are determined based on the assessed value of a property, which is a percentage of its market value. The assessment ratio in Oklahoma is typically set at 11% to 13.5% of the market value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Factors influencing the tax bill include the property's market value, the local assessment ratio, and the tax rate set by the county. For homeowners in Meno, the median home price is $91,232. This results in a range of tax bills, with the 25th percentile at $452 and the 75th percentile at $1,183. At the 90th percentile, homeowners face a tax bill of $1,810. Understanding these factors is crucial for homeowners as property taxes can significantly impact annual expenses. Compared to the national median property tax rate of 0.99%, Meno's property tax rates offer a diverse range of financial obligations for its residents.
Average Meno Tax Bill
$772
Average Major County Tax Bill
$720
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Meno, Major County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73760 | $271 | $452 | $772 | $1,183 | $1,810 |
Source: Ownwell