Taft, Oklahoma Property Taxes
The median property tax rate in Taft, OK is 0.47%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $41,021 in Taft, the typical annual property tax bill is $189, which is well below the national median of $2,690. Property taxes in Taft are calculated based on the assessed value, often reduced by various exemptions such as those for primary residences and agricultural properties. By understanding Taft's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're residing in Taft or investing in the area, a thorough understanding of the local property tax framework can be highly beneficial.
Last Updated June 14, 2024
Taft, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$193
-$2,021
Ownwell’s Taft Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Taft with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Taft 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 Taft, Oklahoma
Property taxes in Taft, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Taft is 0.47%, lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Taft set these rates annually, and they can vary significantly across different neighborhoods. Each year, Taft 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 Taft's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74463 zip code has both the highest and lowest median property tax rate of 0.47%. Understanding how these cities compare with Taft 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 Taft Tax Rate
0.47%
Average Muskogee County Tax Rate
0.91%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Taft, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74463 | 0.32% | 0.34% | 0.47% | 0.73% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Taft, Oklahoma
In Taft, 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 Muskogee County Assessor's Office 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 Taft, 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 Taft helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Taft is $189 in the 74463 zip code, which also has the lowest median tax bill at the same value.
Average Taft Assessed Value
$41,021
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 Taft, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74463 | $6,590 | $24,946 | $41,021 | $66,390 | $102,818 |
Source: Ownwell
Property Tax Bills Across Taft, Oklahoma
In Taft, located in Muskogee 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 Taft is $41,021. Property taxes are then determined by applying the local tax rate to this assessed value. For instance, homeowners in the 25th percentile pay around $88 annually, whereas those in the 75th percentile pay approximately $335. The top 10% of tax bills can reach up to $484. Factors that influence the tax bill include the home's market value, local assessment practices, and the specific tax rate set by local authorities. These taxes fund essential public services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Taft's property taxes are relatively low, making homeownership more affordable but also reflecting the differing levels of public service funding. This system ensures that homeowners contribute to the community in proportion to their property value.
Average Taft Tax Bill
$189
Average Muskogee County Tax Bill
$663
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Taft, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74463 | $56 | $88 | $189 | $335 | $484 |
Source: Ownwell