Smith Village, Oklahoma Property Taxes
The median property tax rate in Smith Village, OK is 0.84%, lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Smith Village, the typical annual property tax bill is $730, significantly below the national median of $2,690. Property taxes in Smith Village are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Smith Village'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 Smith Village 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
Smith Village, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$788
Ownwell’s Smith Village Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Smith Village with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smith Village 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 Smith Village, Oklahoma
Property taxes in Smith Village, Oklahoma, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Smith Village is 0.84%, which is below the U.S. national median of 0.99%. Local government entities within Smith Village set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smith Village 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. For comparison, the zip code 73115 has both the highest and lowest median property tax rate in the region, standing at 0.84%. Understanding how these areas compare with Smith Village 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 Smith Village Tax Rate
0.84%
Average Oklahoma County Tax Rate
1.00%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smith Village, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73115 | 0.58% | 0.72% | 0.84% | 0.95% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Smith Village, Oklahoma
In Smith Village, 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 Smith Village, 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. For example, the median home price in Smith Village is $93,750, with tax bills ranging from $641 at the 25th percentile to $1,136 at the 90th percentile. The highest and lowest median tax bills both stand at $730 in the 73115 zip code. By understanding 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 Smith Village helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Smith Village Assessed Value
$93,750
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 Smith Village, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73115 | $71,400 | $79,125 | $93,750 | $106,625 | $128,850 |
Source: Ownwell
Property Tax Bills Across Smith Village, Oklahoma
In Smith Village, Oklahoma, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is a percentage of the property's market value, which is determined by the county assessor. Various factors such as the property's location, size, and condition are considered in this evaluation. Homeowners in Smith Village can expect their tax bill to fall within a certain range. For instance, the 25th percentile tax bill is about $641, while the 75th percentile reaches $875. At the higher end, the 90th percentile tax bill is approximately $1136. Comparatively, the national median property tax rate is 0.99%, providing a benchmark for understanding local tax rates. These property taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Ensuring accurate assessments and understanding the factors influencing property taxes can help homeowners better anticipate their annual financial obligations and plan accordingly.
Average Smith Village Tax Bill
$730
Average Oklahoma County Tax Bill
$1,891
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Smith Village, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73115 | $487 | $641 | $730 | $875 | $1,136 |
Source: Ownwell