Braggs, Oklahoma Property Taxes
The median property tax rate in Braggs, OK is 0.55%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Braggs at $79,342, the typical annual property tax bill is $394, well below the national median of $2,690. Property taxes in Braggs are calculated based on the assessed value, which generally falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Braggs'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 Braggs 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
Braggs, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$436
-$4,573
Ownwell’s Braggs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Braggs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Braggs 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 Braggs, Oklahoma
Property taxes in Braggs, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Braggs is 0.55%, which is lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Braggs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Braggs 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 Braggs's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74423 has the highest median property tax rate of 0.55%, while the same zip code also has the lowest median tax rate of 0.55%. Understanding how these cities compare with Braggs provides valuable insights into the varying tax landscape across Muskogee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Braggs Tax Rate
0.55%
Average Muskogee County Tax Rate
0.91%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Braggs, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74423 | 0.21% | 0.36% | 0.55% | 0.76% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Braggs, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Braggs, Oklahoma. The market value represents 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 Muskogee 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. Assessment notices in Braggs 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 Braggs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Braggs is $79,342, with tax bills ranging from $190 at the 25th percentile to $1,229 at the 90th percentile. The highest and lowest median tax bills are both $394, found in the zip code 74423.
Average Braggs Assessed Value
$79,342
Average Muskogee County Assessed Value
$87,404
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Braggs, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74423 | $23,579 | $42,588 | $79,342 | $128,767 | $199,697 |
Source: Ownwell
Property Tax Bills Across Braggs, Oklahoma
Property tax bills in Braggs, located in Muskogee County, OK, are calculated based on the assessed value of a property. The assessed value is typically a percentage of the property's market value, which in Braggs, has a median home price of $79,342. Local tax rates are then applied to this assessed value to determine the annual tax bill. In Muskogee County, tax bills can vary significantly, with the 25th percentile at $190 and the 75th percentile at $744, while the 90th percentile reaches $1,229. These tax rates and assessed values directly impact homeowners by determining the amount they owe annually. For instance, the highest median tax bill in the area is $394, found in the 74423 zip code. This variability means homeowners must budget accordingly to cover their annual property tax obligations, which can fluctuate based on changes in assessed values and local tax rates. Understanding these factors is crucial for homeowners to manage their finances effectively.
Average Braggs Tax Bill
$394
Average Muskogee County Tax Bill
$663
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Braggs, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74423 | $60 | $190 | $394 | $744 | $1,229 |
Source: Ownwell