Sulphur, Oklahoma Property Taxes
The median property tax rate in Sulphur, OK is 0.70%, lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Sulphur at $82,967, the typical annual property tax bill amounts to $503, significantly below the national median of $2,690. Property taxes in Sulphur are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Sulphur'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 Sulphur 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
Sulphur, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$581
-$6,086
Ownwell’s Sulphur Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sulphur with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sulphur 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 Sulphur, Oklahoma
Property taxes in Sulphur, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sulphur is 0.70%, lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Sulphur set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sulphur 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 Sulphur's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73086 zip code has the highest median property tax rate of 0.70%, while the 73086 zip code also has the lowest median tax rate of 0.70%. Understanding how these cities compare with Sulphur 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 Sulphur Tax Rate
0.70%
Average Murray County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sulphur, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73086 | 0.28% | 0.44% | 0.70% | 0.96% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Sulphur, Oklahoma
In Sulphur, 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 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 Sulphur, 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 Sulphur is $82,967, with property tax bills ranging from $239 at the 25th percentile to $1,966 at the 90th percentile. The zip code 73086 has both the highest and lowest median tax bill at $503. 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 Sulphur helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Sulphur Assessed Value
$82,967
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 Sulphur, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73086 | $28,279 | $45,728 | $82,967 | $153,637 | $241,735 |
Source: Ownwell
Property Tax Bills Across Sulphur, Oklahoma
In Sulphur, 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. Local tax rates are then applied to this assessed value to determine the final tax bill. Factors influencing the tax bill include the property's location, its market value, and any applicable exemptions or deductions. Homeowners in Sulphur experience varying tax bills; at the 25th percentile, they pay around $239, while those at the 75th percentile pay approximately $1,090. The highest median tax bill in the area is $503, which is significantly lower than the national median property tax rate of 0.99%. This relatively low tax burden can be beneficial for homeowners, making Sulphur an attractive place to own property. However, it's crucial for homeowners to stay informed about any changes in property values or tax rates to manage their financial planning effectively.
Average Sulphur Tax Bill
$503
Average Murray County Tax Bill
$515
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Sulphur, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73086 | $136 | $239 | $503 | $1,090 | $1,966 |
Source: Ownwell