Prague, Oklahoma Property Taxes
The median property tax rate in Prague, OK is 0.82%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $82,556 in Prague, the typical annual property tax bill amounts to $676, significantly below the national median of $2,690. Property taxes in Prague are calculated based on the tax assessed value, often less than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Prague'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 Prague 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
Prague, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$677
-$7,095
Ownwell’s Prague Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Prague with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prague 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 Prague, Oklahoma
Property taxes in Prague, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Prague is 0.82%, lower than the U.S. national median of 0.99%. Local government entities within Prague set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prague 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 Prague's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74864 zip code has both the highest and lowest median property tax rate of 0.82%. Understanding how these cities compare with Prague 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 Prague Tax Rate
0.82%
Average Okfuskee County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prague, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74864 | 0.82% | 0.82% | 0.82% | 0.82% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Prague, Oklahoma
In Prague, 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 Prague, 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 Prague helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Prague is $82,556, with a consistent median tax bill of $676, evident across all zip codes, including 74864.
Average Prague Assessed Value
$82,556
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 Prague, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74864 | $82,556 | $82,556 | $82,556 | $82,556 | $82,556 |
Source: Ownwell
Property Tax Bills Across Prague, Oklahoma
In Prague, located in Okfuskee County, OK, property tax bills are calculated based on the assessed value of your home. The process begins with the county assessor determining the market value of your property. Then, a specific assessment ratio is applied to this market value to arrive at the assessed value. The tax rate, set by local taxing authorities, is then applied to the assessed value to calculate the annual property tax bill. For homeowners in Prague, the median home price is $82,556. Property tax bills in this area tend to be consistent, with the 25th, 75th, and 90th percentiles all reporting a tax bill of $676. This figure is considerably lower than the national median property tax rate of 0.99%. The uniformity in tax bills, regardless of property value variations, suggests a stable and predictable tax environment for homeowners. This stability can significantly impact homeowners' financial planning, making it easier to manage annual expenses.
Average Prague Tax Bill
$676
Average Okfuskee County Tax Bill
$424
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Prague, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74864 | $676 | $676 | $676 | $676 | $676 |
Source: Ownwell