Norman, Oklahoma Property Taxes
The median property tax rate in Norman, OK is 0.53%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $95,311, the typical annual property tax bill in Norman amounts to $492, well below the national median of $2,690. Property taxes in Norman are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions, such as the primary residence and agricultural exemptions. Understanding Norman'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 Norman or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Norman, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$505
Ownwell’s Norman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Norman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Norman 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 Norman, Oklahoma
Property taxes in Norman, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Norman is 0.53%, which is lower than the U.S. national median of 0.99%. Local government entities within Norman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Norman 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 Norman's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73026 zip code has the highest median property tax rate of 0.53%, while the same zip code also has the lowest median tax rate of 0.53%. Understanding how these cities compare with Norman 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 Norman Tax Rate
0.53%
Average Oklahoma County Tax Rate
1.00%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Norman, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73026 | 0.52% | 0.52% | 0.53% | 0.54% | 0.54% |
Source: Ownwell
Property Tax Assessment Values Across Norman, Oklahoma
In Norman, 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 local appraisal district 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 Norman, 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 Norman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in Norman is $492.00 in the 73026 zip code.
Average Norman Assessed Value
$95,311
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 Norman, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73026 | $34,760 | $57,466 | $95,311 | $133,156 | $155,862 |
Source: Ownwell
Property Tax Bills Across Norman, Oklahoma
In Norman, 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 Norman is $95,311, and property taxes are determined by applying the local tax rate to the assessed value. Factors such as property location, improvements, and exemptions can influence the assessed value. For example, the 25th percentile of tax bills in Norman is $299, while the 75th percentile is $685, indicating a range based on property specifics. The highest and lowest median tax bills in Norman are both $492, suggesting uniformity in certain areas, particularly the 73026 zip code. This contrasts with the national median property tax rate of 0.99%, highlighting how local rates can significantly differ. For homeowners, these property taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting community quality and home values. Understanding these factors helps homeowners anticipate their annual tax obligations and plan accordingly.
Average Norman Tax Bill
$492
Average Oklahoma County Tax Bill
$1,891
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Norman, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73026 | $184 | $299 | $492 | $685 | $801 |
Source: Ownwell