North Miami, Ottawa County, Oklahoma Property Taxes
The median property tax rate in North Miami, OK is 0.89%, slightly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $41,379 in North Miami, the typical annual property tax bill comes to $229, significantly below the national median of $2,690. Property taxes in North Miami are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding North Miami'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 North Miami 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
North Miami, Ottawa County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$368
$342
Ownwell’s North Miami Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in North Miami with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Miami 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 North Miami, Ottawa County, Oklahoma
Property taxes in North Miami, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Miami is 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within North Miami set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Miami 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 North Miami's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74358 zip code has the highest median property tax rate of 0.89%, while the same zip code also has the lowest median tax rate of 0.89%. Understanding how these cities compare with North Miami provides valuable insights into the varying tax landscape across Ottawa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average North Miami Tax Rate
0.89%
Average Ottawa County Tax Rate
0.80%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across North Miami, Ottawa County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74358 | 0.28% | 0.48% | 0.89% | 1.02% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across North Miami, Ottawa County, Oklahoma
In North Miami, 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 Ottawa County Assessor's Office 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 North Miami, 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 North Miami helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 74358 has both the highest and lowest median tax bill at $229.
Property Tax Assessment Values Across North Miami, Ottawa County, Oklahoma
Source: Ownwell
$38,912
$99,002
$159,092
Average North Miami Assessed Value
$41,379
Average Ottawa County Assessed Value
$84,000
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across North Miami, Ottawa County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74358 | $13,642 | $23,294 | $41,379 | $69,825 | $92,113 |
Source: Ownwell
Property Tax Bills Across North Miami, Ottawa County, Oklahoma
In North Miami, Oklahoma, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property location, size, and improvements can influence the assessed value. Homeowners in North Miami see a range of property tax bills. For example, the 25th percentile tax bill is $135, while the 75th percentile reaches $464, and the 90th percentile can be as high as $806. The median home price in North Miami is $41,379, which means the property tax rate is relatively low compared to the national median property tax rate of 0.99%. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting homeowners by maintaining the quality of their community. Homeowners should stay informed about their property assessments and any changes in the local tax rate to manage their financial planning effectively.
Average North Miami Tax Bill
$229
Average Ottawa County Tax Bill
$593
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across North Miami, Ottawa County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74358 | $89 | $135 | $229 | $464 | $806 |
Source: Ownwell