Billings, Oklahoma Property Taxes
The median property tax rate in Billings, Oklahoma is 0.63%, considerably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Billings, the typical annual property tax bill reaches $134, significantly below the national median of $2,690. Property taxes in Billings are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Billings' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Billings 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
Billings, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$152
-$1,592
Ownwell’s Billings Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Billings with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Billings 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 Billings, Oklahoma
Property taxes in Billings, Oklahoma, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Billings is 0.63%, notably lower than the U.S. national median of 0.99%. Local government entities within Billings set these rates annually, and they can vary significantly across different neighborhoods. Each year, Billings 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 Billings' effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74630 zip code has both the highest and lowest median property tax rate of 0.63%. Understanding how these areas compare with Billings provides valuable insights into the varying tax landscape across Noble County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Billings Tax Rate
0.63%
Average Noble County Tax Rate
0.91%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Billings, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74630 | 0.34% | 0.46% | 0.63% | 0.66% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across Billings, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Billings, 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 Noble 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 Billings, 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. The median home price in Billings is $24,112, with tax bills ranging significantly. For example, the 25th percentile tax bill is $62, while the 75th percentile is $313, and the 90th percentile reaches $694. The highest and lowest median tax bills in the area are both $134, found in the 74630 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Billings Assessed Value
$24,112
Average Noble County Assessed Value
$78,656
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Billings, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74630 | $6,076 | $11,972 | $24,112 | $57,229 | $126,534 |
Source: Ownwell
Property Tax Bills Across Billings, Oklahoma
In Billings, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. The property tax rate in Noble County, where Billings is located, is competitive compared to the national median property tax rate of 0.99%. Homeowners in Billings can expect a wide range of tax bills depending on their property's assessed value. For instance, the 25th percentile tax bill is around $62, while the 75th percentile tax bill reaches approximately $313. Those in the 90th percentile may see tax bills as high as $694. The highest median tax bill in the area is $134, which is consistent across various zip codes within the county. These property taxes play a crucial role in funding local services and infrastructure, impacting homeowners by contributing to community development and public amenities. Understanding how these factors come together helps homeowners anticipate their financial obligations and plan accordingly.
Average Billings Tax Bill
$134
Average Noble County Tax Bill
$666
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Billings, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74630 | $25 | $62 | $134 | $313 | $694 |
Source: Ownwell