Fairfax, Oklahoma Property Taxes
The median property tax rate in Fairfax, OK is 0.87%, slightly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Fairfax being $41,876, the typical annual property tax bill reaches $314, which is significantly below the national median of $2,690. Property taxes in Fairfax 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 Fairfax'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 Fairfax 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
Fairfax, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$364
Ownwell’s Fairfax Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairfax with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairfax 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 Fairfax, Oklahoma
Property taxes in Fairfax, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairfax is 0.87%, slightly lower than the U.S. national median of 0.99%. Local government entities within Fairfax set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairfax 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 Fairfax's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74637 has both the highest and lowest median property tax rate of 0.87%. Understanding how these areas compare with Fairfax 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 Fairfax Tax Rate
0.87%
Average Osage County Tax Rate
1.07%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairfax, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74637 | 0.41% | 0.62% | 0.87% | 0.97% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Fairfax, Oklahoma
In Fairfax, 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 Fairfax, 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 Fairfax helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Fairfax is $314.00, while the lowest is also $314.00, both in the 74637 zip code.
Average Fairfax Assessed Value
$41,876
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 Fairfax, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74637 | $7,742 | $21,436 | $41,876 | $71,908 | $118,555 |
Source: Ownwell
Property Tax Bills Across Fairfax, Oklahoma
In Fairfax, located in Osage County, OK, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is typically a percentage of the property's market value, determined by the county assessor. For Fairfax, the median home price is $41,876. Homeowners can expect their tax bills to vary significantly; the 25th percentile tax bill is around $156, while the 75th percentile reaches $544, and the 90th percentile can go up to $1,020. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. The local tax rate plays a crucial role, and Fairfax's rates are relatively modest compared to the national median property tax rate of 0.99%. Homeowners in Fairfax benefit from lower property tax bills, which can make homeownership more affordable. However, it's essential for homeowners to stay informed about any changes in property assessments or tax rates to manage their financial planning effectively.
Average Fairfax Tax Bill
$314
Average Osage County Tax Bill
$840
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairfax, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74637 | $47 | $156 | $314 | $544 | $1,020 |
Source: Ownwell