Osage, Oklahoma Property Taxes
The median property tax rate in Osage, OK is 0.95%, slightly below both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Osage at $35,505, the typical annual property tax bill amounts to $210, which is significantly lower than the national median of $2,690. Property taxes in Osage are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Osage'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 Osage or another part of the county, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Osage, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$337
Ownwell’s Osage Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Osage with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Osage 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 Osage, Oklahoma
Property taxes in Osage, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Osage is 0.95%, slightly lower than the U.S. national median of 0.99%. Local government entities within Osage set these rates annually, and they can vary significantly across different neighborhoods. Each year, Osage 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 Osage's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74054 zip code has both the highest and lowest median property tax rate of 0.95%. Understanding how these areas compare with Osage 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 Osage Tax Rate
0.95%
Average Osage County Tax Rate
1.07%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Osage, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74054 | 0.31% | 0.70% | 0.95% | 1.01% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Osage, Oklahoma
In Osage, 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 Osage, 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 Osage helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Osage is $35,505, with the highest and lowest median tax bills both being $210 in zip code 74054.
Average Osage Assessed Value
$35,505
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 Osage, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74054 | $4,775 | $12,248 | $35,505 | $65,708 | $107,237 |
Source: Ownwell
Property Tax Bills Across Osage, Oklahoma
Property tax bills in Osage, OK, are calculated based on the assessed value of your property, which is typically a percentage of its market value. The local county assessor determines this assessed value, and the tax rate is then applied to it. In Osage, the median home price is $35,505, and the median tax bill is $210, which is significantly lower than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the property's location, market value, and any applicable exemptions or deductions. For instance, the 25th percentile tax bill is $83, while the 75th percentile tax bill is $490, indicating a range in tax liabilities depending on property value and other considerations. The highest tax bills can reach up to $1,118, reflecting the variability based on property assessments. These property taxes are crucial for funding local services such as schools, emergency services, and infrastructure. For homeowners, understanding how these factors affect their tax bill can help in financial planning and ensuring they are not overpaying.
Average Osage Tax Bill
$210
Average Osage County Tax Bill
$840
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Osage, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74054 | $36 | $83 | $210 | $490 | $1,118 |
Source: Ownwell