Boley, Oklahoma Property Taxes
The median property tax rate in Boley, OK is 0.99%, matching the national median and slightly higher than the Oklahoma state median of 0.97%. With a median home value of $42,403, the typical annual property tax bill in Boley is $399, significantly lower than the national median of $2,690. Property taxes in Boley are calculated based on the assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Boley's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you reside in the heart of Boley or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Boley, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$420
-$4,399
Ownwell’s Boley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Boley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Boley 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 Boley, Oklahoma
Property taxes in Boley, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Boley is 0.99%, aligning with both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Boley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Boley 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 Boley's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the 74829 zip code has both the highest and lowest median property tax rate of 0.99%. Understanding how these areas compare with Boley provides valuable insights into the varying tax landscape across Okfuskee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Boley Tax Rate
0.99%
Average Okfuskee County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Boley, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74829 | 0.60% | 0.84% | 0.99% | 1.03% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Boley, Oklahoma
In Boley, 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 Okfuskee 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 Boley, 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 Boley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Boley is $42,403, with the highest and lowest median tax bills both recorded at $399 in the 74829 zip code.
Average Boley Assessed Value
$42,403
Average Okfuskee County Assessed Value
$65,362
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Boley, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74829 | $16,149 | $26,544 | $42,403 | $78,050 | $128,002 |
Source: Ownwell
Property Tax Bills Across Boley, Oklahoma
In Boley, located in Okfuskee County, OK, property tax bills are calculated based on the assessed value of a property, which is typically a fraction of its market value. The assessed value is determined by local tax assessors who consider factors such as the property's location, size, and condition. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. For homeowners in Boley, the median home price is $42,403, resulting in varying tax bills. For example, the 25th percentile tax bill is $216, while the 75th percentile reaches $739. At the higher end, the 90th percentile tax bill can be as much as $1,207. The highest and lowest median tax bills in Boley both stand at $399, which is significantly below the national median property tax rate of 0.99%. This relatively low tax burden can be advantageous for homeowners, making property ownership in Boley more affordable compared to many other parts of the country.
Average Boley Tax Bill
$399
Average Okfuskee County Tax Bill
$424
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Boley, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74829 | $108 | $216 | $399 | $739 | $1,207 |
Source: Ownwell