County, Oklahoma Property Taxes
The median property tax rate in Oklahoma City, OK is 1.00%, slightly higher than the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Oklahoma City at $97,715, the typical annual property tax bill reaches $893, which is significantly lower than the national median of $2,690. Property taxes in Oklahoma City 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 Oklahoma City'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 Oklahoma City or another part of the county, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$977
Ownwell’s Oklahoma County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oklahoma County with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oklahoma County 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 County, Oklahoma
Property taxes in Oklahoma City, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oklahoma City is 1.00%, slightly higher than the U.S. national median of 0.99%. Local government entities within Oklahoma City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oklahoma City 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 Oklahoma City's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73120 ZIP code has the highest median property tax rate of 1.50%, while the 73110 ZIP code has the lowest median tax rate of 0.75%. Understanding how these areas compare with Oklahoma City 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 County Tax Rate
1.00%
Average Oklahoma County Tax Rate
1.00%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across County, Oklahoma
In Oklahoma City, Oklahoma, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 Oklahoma City, 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. The median home price in Oklahoma City is $97,715, with tax bills ranging from $490 at the 25th percentile to $1,767 at the 90th percentile. 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 Oklahoma City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average County Assessed Value
$97,715
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 County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across County, Oklahoma
In Oklahoma City, Oklahoma County, 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 then applied to this assessed value to determine the final tax bill. For instance, with a median home price of $97,715, homeowners can expect varying tax bills depending on their property's assessed value and any applicable exemptions. Several factors influence the tax bill, including the home's market value, assessment ratio, and the local tax rate. Homeowners in the 25th percentile might see a tax bill around $490, while those in the 75th percentile could face a bill closer to $1,439. At the 90th percentile, the tax bill can reach up to $1,767. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, Oklahoma City's rates can offer a more affordable option for homeowners.
Average County Tax Bill
$893
Average Oklahoma County Tax Bill
$1,891
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell