Burbank, Osage County, Oklahoma Property Taxes
The median property tax rate in Burbank, OK is 0.96%, slightly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Burbank, the typical annual property tax bill reaches $457, significantly below the national median of $2,690. Property taxes in Burbank are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Burbank'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 Burbank 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
Burbank, Osage County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$481
$447
Ownwell’s Burbank Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Burbank with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Burbank 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 Burbank, Osage County, Oklahoma
Property taxes in Burbank, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Burbank is 0.96%, slightly lower than the U.S. national median of 0.99%. Local government entities within Burbank set these rates annually, and they can vary significantly across different neighborhoods. Each year, Burbank 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 Burbank's effective property tax rate to other areas in Osage County and the national median. For comparison, the zip code 74633 has both the highest and the lowest median property tax rate of 0.96%. Understanding how these areas compare with Burbank provides valuable insights into the varying tax landscape across Osage County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Burbank Tax Rate
0.96%
Average Osage County Tax Rate
1.07%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Burbank, Osage County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74633 | 0.55% | 0.84% | 0.96% | 1.15% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Burbank, Osage County, Oklahoma
In Burbank, 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 Osage County 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 Burbank, 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 Burbank helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Burbank is $50,134, with the 25th percentile tax bill at $174 and the 75th percentile tax bill at $1,137. The highest and lowest median tax bills are both $457, found in the 74633 zip code.
Property Tax Assessment Values Across Burbank, Osage County, Oklahoma
Source: Ownwell
$28,048
$120,397
$212,746
Average Burbank Assessed Value
$50,134
Average Osage County Assessed Value
$85,955
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Burbank, Osage County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74633 | $6,519 | $17,172 | $50,134 | $108,581 | $171,823 |
Source: Ownwell
Property Tax Bills Across Burbank, Osage County, Oklahoma
In Burbank, property tax bills are calculated based on the assessed value of a home, which is determined by the Osage County assessor. The assessed value usually represents a percentage of the property's market value. For homeowners in Burbank, the median home price is $50,134. Property tax rates in the area are influenced by local government budgets and the need to fund public services such as schools, infrastructure, and emergency services. Homeowners can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is around $174, while the 75th percentile tax bill can reach up to $1,137. At the higher end, the 90th percentile tax bill is approximately $1,928. The highest median tax bill in the region, found in zip code 74633, is $457, which is relatively modest compared to the national median property tax rate of 0.99%. These variations in tax bills can significantly impact homeowners, influencing their overall cost of living and financial planning.
Average Burbank Tax Bill
$457
Average Osage County Tax Bill
$840
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Burbank, Osage County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74633 | $55 | $174 | $457 | $1,137 | $1,928 |
Source: Ownwell