Peggs, Mayes County, Oklahoma Property Taxes
The median property tax rate in Peggs, OK is 0.67%, 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 Peggs, the typical annual property tax bill amounts to $853, significantly below the national median of $2,690. Property taxes in Peggs are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Peggs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Peggs or another part of Mayes County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Peggs, Mayes County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.67%
Estimate Property Tax Bill
$807
$749
Ownwell’s Peggs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Peggs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Peggs 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 Peggs, Mayes County, Oklahoma
Property taxes in Peggs, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Peggs is 0.67%, which is lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Peggs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Peggs 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 Peggs' effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74452 has the highest median property tax rate of 0.67%, while the lowest median tax rate is also 0.67% in the same zip code. Understanding how these cities compare with Peggs provides valuable insights into the varying tax landscape across Mayes County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Peggs Tax Rate
0.67%
Average Mayes County Tax Rate
0.66%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Peggs, Mayes County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74452 | 0.39% | 0.50% | 0.67% | 0.82% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Peggs, Mayes County, Oklahoma
In Peggs, 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 Mayes 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 Peggs, 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 Peggs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Peggs both stand at $853, found in the 74452 zip code.
Property Tax Assessment Values Across Peggs, Mayes County, Oklahoma
Source: Ownwell
$63,166
$311,123
$559,080
Average Peggs Assessed Value
$120,469
Average Mayes County Assessed Value
$160,424
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Peggs, Mayes County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74452 | $73,807 | $100,232 | $120,469 | $183,252 | $286,464 |
Source: Ownwell
Property Tax Bills Across Peggs, Mayes County, Oklahoma
In Peggs, located in Mayes County, 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 Peggs is $120,469. Property tax rates are applied to this assessed value to determine the annual tax bill. Homeowners in Peggs see a range of tax bills, with the 25th percentile at $608 and the 75th percentile at $1,183. The 90th percentile sees tax bills as high as $1,617, indicating a significant variance based on property value and exemptions. The highest and lowest median tax bills in Peggs are both $853, reflecting a uniformity in the assessed rates within the zip code 74452. These property taxes fund essential local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Peggs homeowners benefit from relatively predictable and manageable property tax bills, ensuring that they contribute fairly to the community while maintaining affordability.
Average Peggs Tax Bill
$853
Average Mayes County Tax Bill
$998
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Peggs, Mayes County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74452 | $426 | $608 | $853 | $1,183 | $1,617 |
Source: Ownwell