Bethany, Oklahoma Property Taxes
The median property tax rate in Bethany, OK is 1.06%, slightly higher than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Bethany at $162,000, the typical annual property tax bill reaches $1,657, which is below the national median of $2,690. Property taxes in Bethany 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 Bethany's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Bethany 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
Bethany, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$1,717
Ownwell’s Bethany Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bethany with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bethany 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 Bethany, Oklahoma
Property taxes in Bethany, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bethany is 1.06%, higher than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Bethany set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bethany 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 Bethany's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73008 zip code has the highest median property tax rate of 1.06%, while the same 73008 zip code also has the lowest median tax rate of 1.06%. Understanding how these cities compare with Bethany provides valuable insights into the varying tax landscape across Oklahoma County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bethany Tax Rate
1.06%
Average Oklahoma County Tax Rate
1.00%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bethany, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73008 | 0.74% | 0.91% | 1.06% | 1.16% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Bethany, Oklahoma
In Bethany, 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 Oklahoma 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 Bethany, 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 Bethany helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 73008, both at $1,657.
Average Bethany Assessed Value
$162,000
Average Oklahoma County Assessed Value
$192,500
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bethany, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73008 | $100,000 | $128,500 | $162,000 | $200,000 | $253,000 |
Source: Ownwell
Property Tax Bills Across Bethany, Oklahoma
In Bethany, Oklahoma, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in Bethany is $162,000. Tax authorities determine the tax bill by multiplying the assessed value by the local tax rate. The local tax rate in Oklahoma County may vary, but it is essential to note that the national median property tax rate is 0.99%. Several factors influence the tax bill, including property location, market conditions, and any applicable exemptions or deductions. For instance, the tax bill at the 25th percentile is $1,234, while at the 75th percentile, it rises to $2,146, and at the 90th percentile, it reaches $2,794. The highest and lowest median tax bills in Bethany are both $1,657, indicating a relatively uniform tax rate across different properties. For homeowners, these property taxes contribute to local services such as schools, infrastructure, and emergency services. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Bethany Tax Bill
$1,657
Average Oklahoma County Tax Bill
$1,891
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Bethany, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73008 | $925 | $1,234 | $1,657 | $2,146 | $2,794 |
Source: Ownwell