Murray County, Oklahoma Property Taxes
The median property tax rate in Murray County is 0.70%, which is notably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $87,065 in Murray County, the typical annual property tax bill amounts to $515, a figure that falls well below the national median of $2,690. Property taxes in Murray County are calculated based on the tax assessed value, which is often lower than the actual market value due to various property tax exemptions, such as the primary residence and agricultural exemptions. Understanding Murray County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Sulphur or another part of Murray County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Murray County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$609
$566
Ownwell’s Murray Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Murray with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Murray to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Murray County, Oklahoma
Property taxes in Murray County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Murray County is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within Murray County set these rates annually, and they can vary significantly between different areas within the county. Each year, Murray County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. For comparison, the city of Wynnewood has one of the higher property tax rates in the region at 0.70%, while the city of Mill Creek boasts one of the lowest at 0.47%. Analyzing how Murray County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Murray County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Murray County, Oklahoma
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Davis | 0.27% | 0.41% | 0.68% | 0.97% | 1.04% |
| Dougherty | N/A | N/A | N/A | N/A | N/A |
| Hennepin | N/A | N/A | N/A | N/A | N/A |
| Mill Creek | 0.20% | 0.29% | 0.47% | 0.74% | 0.91% |
| Roff | 0.28% | 0.47% | 0.64% | 0.78% | 1.07% |
| Sulphur | 0.28% | 0.44% | 0.70% | 0.96% | 1.02% |
| Wynnewood | 0.35% | 0.48% | 0.70% | 0.93% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Murray County, Oklahoma
In Murray County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Murray County Appraisal District. The assessed value, however, 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 Murray County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Mill Creek boasts the highest median tax bill at $746, while Dougherty has the lowest at $214. Being aware of these valuation processes in Murray County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Murray County Assessed Value
$87,065
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Murray County, Oklahoma
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Davis | $33,710 | $51,918 | $93,729 | $158,674 | $235,280 |
| Dougherty | N/A | N/A | N/A | N/A | N/A |
| Hennepin | N/A | N/A | N/A | N/A | N/A |
| Mill Creek | $39,969 | $74,069 | $116,113 | $227,056 | $353,461 |
| Roff | $19,897 | $30,446 | $69,653 | $138,974 | $216,272 |
| Sulphur | $28,279 | $45,728 | $82,967 | $153,637 | $241,735 |
| Wynnewood | $41,048 | $62,935 | $108,471 | $178,372 | $235,779 |
Source: Ownwell
Property Tax Bills Across Murray County, Oklahoma
In Murray 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 the county is $87,065. Local tax rates are applied to this assessed value to determine the annual tax bill. Factors such as property location, improvements, and local levies also influence the final amount. For instance, in Murray County, the median tax bill ranges from $214 in Dougherty to $746 in Mill Creek, reflecting variations in local tax rates and property values. Homeowners in Murray County can expect to pay between $255 at the 25th percentile and $1,084 at the 75th percentile, with the top 10% paying up to $1,930. These figures highlight the significant impact of property taxes on household budgets. Compared to the national median property tax rate of 0.99%, Murray County's rates are relatively modest, offering some financial relief to homeowners while still funding essential community services.
Average Murray County Tax Bill
$515
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Murray County, Oklahoma
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Davis | $165 | $287 | $542 | $1,042 | $1,812 |
| Dougherty | N/A | N/A | N/A | N/A | N/A |
| Hennepin | N/A | N/A | N/A | N/A | N/A |
| Mill Creek | $131 | $205 | $746 | $1,670 | $2,864 |
| Roff | $84 | $157 | $329 | $1,038 | $1,575 |
| Sulphur | $136 | $239 | $503 | $1,090 | $1,966 |
| Wynnewood | $235 | $358 | $659 | $1,337 | $1,963 |
Source: Ownwell