Red Rock, Oklahoma Property Taxes
The median property tax rate in Red Rock, OK is 0.63%, notably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Red Rock at $50,660, the typical annual property tax bill amounts to $284, significantly below the national median of $2,690. Property taxes in Red Rock are determined based on the assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Gaining a clear understanding of Red Rock'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 Red Rock or another part of Noble County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Red Rock, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$319
-$3,345
Ownwell’s Red Rock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Red Rock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Red Rock 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 Red Rock, Oklahoma
Property taxes in Red Rock, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Red Rock is 0.63%, which is lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Red Rock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Red Rock 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 Red Rock's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74651 has both the highest and lowest median property tax rate of 0.63%. Understanding how these cities compare with Red Rock 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 Red Rock 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 Red Rock, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74651 | 0.27% | 0.41% | 0.63% | 0.70% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Red Rock, Oklahoma
In Red Rock, 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 Noble 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 Red Rock, 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 Red Rock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 74651, with a median tax bill of $284.00.
Average Red Rock Assessed Value
$50,660
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 Red Rock, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74651 | $18,422 | $26,027 | $50,660 | $92,300 | $160,957 |
Source: Ownwell
Property Tax Bills Across Red Rock, Oklahoma
In Red Rock, Noble County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is applied to this assessed value to determine the annual tax bill. For example, with a median home price of $50,660, homeowners can expect varying tax bills depending on their property’s assessed value and specific tax rate. Factors influencing the tax bill include the property's assessed value, local tax rate, and any applicable exemptions or deductions. The tax bill can range significantly, with the 25th percentile at $123 and the 75th percentile reaching $662. For those in the 90th percentile, the tax bill can be as high as $1,198. This variability affects homeowners differently, with some benefiting from lower tax bills while others may face higher financial obligations. By understanding these factors, homeowners in Red Rock can better anticipate their property tax responsibilities and plan accordingly.
Average Red Rock Tax Bill
$284
Average Noble County Tax Bill
$666
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Red Rock, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74651 | $70 | $123 | $284 | $662 | $1,198 |
Source: Ownwell