Choctaw, Oklahoma Property Taxes
The median property tax rate in Choctaw, OK is 0.81%, 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 $82,503 in Choctaw, the typical annual property tax bill comes to $712, significantly below the national median of $2,690. Property taxes in Choctaw are calculated based on the assessed value, which generally falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Choctaw'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 Choctaw or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Choctaw, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$668
Ownwell’s Choctaw Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Choctaw with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Choctaw 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 Choctaw, Oklahoma
Property taxes in Choctaw, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Choctaw is 0.81%, which is notably lower than the U.S. national median of 0.99%. Local government entities within Choctaw set these rates annually, and they can vary significantly across different neighborhoods. Each year, Choctaw 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 Choctaw's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73020 has the highest median property tax rate of 0.81%, while the zip code 73020 also has the lowest median tax rate of 0.81%. Understanding how these cities compare with Choctaw provides valuable insights into the varying tax landscape across McIntosh County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Choctaw Tax Rate
0.81%
Average Mcintosh County Tax Rate
0.79%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Choctaw, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73020 | 0.54% | 0.74% | 0.81% | 0.91% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Choctaw, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Choctaw, 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 McIntosh 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 Choctaw, 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. For instance, the median home price in Choctaw is $82,503, with tax bills ranging from $380 at the 25th percentile to $1,365 at the 90th percentile. The highest and lowest median tax bills are both $712, found in the 73020 zip code. By understanding 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Choctaw Assessed Value
$82,503
Average Mcintosh County Assessed Value
$81,769
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Choctaw, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73020 | $19,299 | $50,670 | $82,503 | $157,064 | $169,178 |
Source: Ownwell
Property Tax Bills Across Choctaw, Oklahoma
Property tax bills in Choctaw, McIntosh County, OK, are determined by assessing the value of a property and applying the local tax rate. The assessed value is a percentage of the property's market value, which is then multiplied by the tax rate to calculate the tax bill. For example, with a median home price of $82,503, homeowners can expect a tax bill ranging from $380 at the 25th percentile to $1,226 at the 75th percentile, and up to $1,365 at the 90th percentile. This range indicates that while some homeowners may face lower tax bills, others could see significantly higher amounts depending on the assessed value of their property. The highest and lowest median tax bills in the area are both $712 in the 73020 zip code. Compared to the national median property tax rate of 0.99%, Choctaw's property tax rates are relatively modest, providing some financial relief to homeowners in the region.
Average Choctaw Tax Bill
$712
Average Mcintosh County Tax Bill
$586
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Choctaw, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73020 | $120 | $380 | $712 | $1,226 | $1,365 |
Source: Ownwell