Mustang, Oklahoma Property Taxes
The median property tax rate in Mustang, OK is 0.84%, 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 Mustang at $98,543, the typical annual property tax bill is $829, significantly less than the national median of $2,690. Property taxes in Mustang 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 Mustang'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 Mustang 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
Mustang, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$828
Ownwell’s Mustang Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mustang with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mustang 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 Mustang, Oklahoma
Property taxes in Mustang, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mustang is 0.84%, which is lower than the U.S. national median of 0.99%. Local government entities within Mustang set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mustang 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 Mustang's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the zip code 73064 has both the highest and lowest median property tax rate of 0.84%, illustrating the uniformity within Mustang. Understanding how these figures compare with Mustang 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 Mustang Tax Rate
0.84%
Average Mcintosh County Tax Rate
0.79%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mustang, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73064 | 0.84% | 0.84% | 0.84% | 0.84% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Mustang, Oklahoma
In Mustang, 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 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. Assessment notices in Mustang 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 Mustang helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Mustang is $98,543, with the highest and lowest median tax bills both recorded at $829 in the 73064 zip code.
Average Mustang Assessed Value
$98,543
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 Mustang, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73064 | $98,543 | $98,543 | $98,543 | $98,543 | $98,543 |
Source: Ownwell
Property Tax Bills Across Mustang, Oklahoma
In Mustang, located in McIntosh County, OK, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is a percentage of the market value of the home, which is determined by the county assessor. Factors such as the property's location, size, and condition are taken into account during this assessment. The median home price in Mustang is $98,543, and the property tax rate is applied to this assessed value to determine the tax bill. For many homeowners in Mustang, the property tax bills fall within a narrow range. For instance, the 25th, 75th, and 90th percentiles all report a tax bill of $829, indicating a consistent tax rate across different property values. This consistency provides homeowners with a predictable annual expense, which can be beneficial for financial planning. Compared to the national median property tax rate of 0.99%, Mustang's property tax rate results in relatively affordable tax bills, making it an attractive place for homeowners.
Average Mustang Tax Bill
$829
Average Mcintosh County Tax Bill
$586
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Mustang, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73064 | $829 | $829 | $829 | $829 | $829 |
Source: Ownwell