Roff, Oklahoma Property Taxes
The median property tax rate in Roff, OK is 0.64%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Roff at $69,653, the typical annual property tax bill amounts to $329, far below the national median of $2,690. Property taxes in Roff are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Roff's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you reside in the heart of Roff or another part of Murray County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Roff, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$446
-$4,672
Ownwell’s ROFF Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ROFF with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ROFF 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 Roff, Oklahoma
Property taxes in Roff, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Roff is 0.64%, which is lower than the U.S. national median of 0.99%. Local government entities within Roff set these rates annually, and they can vary significantly across different neighborhoods. Each year, Roff 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 Roff's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the zip code 74865 has the highest median property tax rate of 0.64%, while the same zip code also has the lowest median tax rate of 0.64%. Understanding how these areas compare with Roff provides valuable insights into the varying tax landscape across Murray County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Roff Tax Rate
0.64%
Average Murray County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Roff, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74865 | 0.28% | 0.47% | 0.64% | 0.78% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Roff, Oklahoma
In ROFF, 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 Murray 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 ROFF, 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 ROFF helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in ROFF is $69,653, with the highest median tax bill at $329 in zip code 74865 and the lowest median tax bill also at $329 in the same zip code.
Average Roff Assessed Value
$69,653
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 Roff, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74865 | $19,897 | $30,446 | $69,653 | $138,974 | $216,272 |
Source: Ownwell
Property Tax Bills Across Roff, Oklahoma
In ROFF, located 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. For instance, with a median home price of $69,653, the assessed value is determined by local tax assessors. The property tax rate is then applied to this assessed value to calculate the tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. In ROFF, homeowners can expect a wide range of tax bills. The 25th percentile tax bill is $157, while the 75th percentile tax bill is $1,038, and the 90th percentile tax bill reaches up to $1,575. These property taxes play a crucial role in funding local services such as schools, infrastructure, and emergency services. For homeowners, understanding how these taxes are calculated helps in budgeting and financial planning, ensuring they are prepared for these annual expenses.
Average Roff Tax Bill
$329
Average Murray County Tax Bill
$515
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Roff, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74865 | $84 | $157 | $329 | $1,038 | $1,575 |
Source: Ownwell