Norman, Oklahoma Property Taxes
The median property tax rate in Norman, OK is 0.95%, slightly below the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Norman at $378,807, the typical annual property tax bill reaches $3,549, surpassing the national median of $2,690. Property taxes in Norman 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 Norman'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 Norman 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
Norman, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$3,599
Ownwell’s Norman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Norman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Norman 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 Norman, Oklahoma
Property taxes in Norman, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Norman is 0.95%, slightly lower than the U.S. national median of 0.99%. Local government entities within Norman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Norman 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 Norman's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73072 zip code has the median property tax rate of 0.95%. Understanding how these cities compare with Norman provides valuable insights into the varying tax landscape across McClain County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Norman Tax Rate
0.95%
Average Mcclain County Tax Rate
0.93%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Norman, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73072 | 0.54% | 0.82% | 0.95% | 1.07% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Norman, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Norman, Oklahoma. 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 McClain 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 Norman, 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 Norman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is found in the 73072 zip code, with an amount of $3,549.00.
Average Norman Assessed Value
$378,807
Average Mcclain County Assessed Value
$212,546
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Norman, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73072 | $199,057 | $291,160 | $378,807 | $478,932 | $622,379 |
Source: Ownwell
Property Tax Bills Across Norman, Oklahoma
In Norman, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Various factors influence this calculation, including the property's location, size, and condition. Additionally, local government budgets and public service funding needs play a significant role in setting tax rates. Homeowners in Norman can expect property tax bills that vary significantly. For instance, the 25th percentile tax bill is around $2,515, while those at the 75th percentile may see bills as high as $4,585. At the 90th percentile, the tax bill can reach up to $6,043. The highest median tax bill in the area is $3,549, specifically in the 73072 zip code. Understanding these calculations and the factors involved is crucial for homeowners, as property taxes directly impact their annual expenses. Comparing these figures to the national median property tax rate of 0.99% helps to contextualize the local tax burden.
Average Norman Tax Bill
$3,549
Average Mcclain County Tax Bill
$1,871
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Norman, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73072 | $1,172 | $2,515 | $3,549 | $4,585 | $6,043 |
Source: Ownwell