Okemah, Oklahoma Property Taxes
The median property tax rate in Okemah, OK is 0.66%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Okemah being $69,094, the typical annual property tax bill is $439, significantly below the national median of $2,690. Property taxes in Okemah are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Okemah'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 Okemah 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
Okemah, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$456
-$4,779
Ownwell’s Okemah Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Okemah with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Okemah 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 Okemah, Oklahoma
Property taxes in Okemah, Oklahoma, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Okemah is 0.66%, which is lower than the U.S. national median of 0.99%. Local government entities within Okemah set these rates annually, and they can vary significantly across different neighborhoods. Each year, Okemah 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 Okemah's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74859 zip code has the highest median property tax rate of 0.66%, while the same zip code also has the lowest median tax rate of 0.66%. Understanding how these cities compare with Okemah 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 Okemah Tax Rate
0.66%
Average Okfuskee County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Okemah, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74859 | 0.37% | 0.51% | 0.66% | 0.83% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Okemah, Oklahoma
In Okemah, 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. 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. In Okemah, the highest median tax bill is $439 in zip code 74859, while the lowest is also $439 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Okemah Assessed Value
$69,094
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 Okemah, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74859 | $21,612 | $36,440 | $69,094 | $119,718 | $200,274 |
Source: Ownwell
Property Tax Bills Across Okemah, Oklahoma
In Okemah, within Okfuskee County, Oklahoma, 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 Okemah is $69,094. Property taxes are determined by applying the local tax rate to the assessed value. Several factors influence the tax bill, including property size, location, and any applicable exemptions. For homeowners, the property tax bill can vary significantly. The 25th percentile tax bill is around $243, while the 75th percentile reaches $830, and the 90th percentile climbs to $1,449. The highest median tax bill recorded in the area is $439, which is notably lower than the national median property tax rate of 0.99%. These tax bills impact homeowners by influencing the overall cost of owning a home. Lower property taxes in Okemah can make homeownership more affordable compared to regions with higher tax rates, providing a financial advantage to residents.
Average Okemah Tax Bill
$439
Average Okfuskee County Tax Bill
$424
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Okemah, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74859 | $130 | $243 | $439 | $830 | $1,449 |
Source: Ownwell