Peoria, Ottawa County, Oklahoma Property Taxes
The median property tax rate in Peoria, OK is 0.72%, lower than both the national median of 0.99% and Oklahoma's state median of 0.97%. With the median home value in Peoria at $38,912, the typical annual property tax bill is $136, significantly below the national median of $2,690. Property taxes in Peoria are calculated based on the assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Peoria'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 Peoria or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Peoria, Ottawa County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$280
$260
Ownwell’s Peoria Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Peoria with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Peoria 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 Peoria, Ottawa County, Oklahoma
Property taxes in Peoria, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Peoria is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Peoria set these rates annually, and they can vary significantly across different neighborhoods. Each year, Peoria 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 Peoria's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the zip code 74363 has both the highest and lowest median property tax rate of 0.72%. Understanding how these areas compare with Peoria 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 Peoria Tax Rate
0.72%
Average Ottawa County Tax Rate
0.80%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Peoria, Ottawa County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74363 | 0.21% | 0.38% | 0.72% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Peoria, Ottawa County, Oklahoma
In Peoria, 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 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 Peoria, 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 Peoria helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Peoria is $136 in the 74363 zip code, matching the lowest median tax bill in the same zip code.
Property Tax Assessment Values Across Peoria, Ottawa County, Oklahoma
Source: Ownwell
$38,912
$99,002
$159,092
Average Peoria Assessed Value
$38,912
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 Peoria, Ottawa County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74363 | $9,305 | $14,365 | $38,912 | $61,988 | $78,879 |
Source: Ownwell
Property Tax Bills Across Peoria, Ottawa County, Oklahoma
In Peoria, located in Ottawa County, OK, 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 then applied to this assessed value to determine the annual tax bill. For instance, the median home price in Peoria is $38,912. Tax bills can vary significantly; the 25th percentile tax bill is $82, while the 75th percentile reaches $335, and the 90th percentile can be as high as $647. This variation is influenced by factors such as property location, home size, and local tax rates. Homeowners in the zip code 74363, for example, experience a median tax bill of $136, which is also the highest and lowest median tax bill recorded in the area. These property taxes fund essential local services, including schools, infrastructure, and emergency services, directly impacting homeowners by contributing to the quality of life in their community. Understanding these factors helps homeowners anticipate their annual expenses and plan accordingly.
Average Peoria Tax Bill
$136
Average Ottawa County Tax Bill
$593
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Peoria, Ottawa County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74363 | $59 | $82 | $136 | $335 | $647 |
Source: Ownwell