Terlton, Oklahoma Property Taxes
The median property tax rate in Terlton, OK is 1.00%, slightly higher than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Terlton at $68,208, the typical annual property tax bill reaches $638, which is significantly lower than the national median of $2,690. Property taxes in Terlton are calculated based on the tax assessed value, often reduced by exemptions such as those for primary residences and agricultural use. Understanding Terlton'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 Terlton or another part of Pawnee County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Terlton, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$682
Ownwell’s Terlton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Terlton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Terlton 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 Terlton, Oklahoma
Property taxes in Terlton, Oklahoma, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Terlton is 1.00%, which is higher than the U.S. national median of 0.99%. Local government entities within Terlton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Terlton 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 Terlton's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74081 zip code has the highest median property tax rate of 1.00%, while the same 74081 zip code also has the lowest median tax rate of 1.00%. Understanding how these cities compare with Terlton provides valuable insights into the varying tax landscape across Pawnee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Terlton Tax Rate
1.00%
Average Pawnee County Tax Rate
0.99%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Terlton, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74081 | 0.61% | 0.85% | 1.00% | 1.11% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Terlton, Oklahoma
In Terlton, 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 Pawnee 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 Terlton, 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 Terlton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 74081 has both the highest and lowest median tax bill, standing at $638.
Average Terlton Assessed Value
$68,208
Average Pawnee County Assessed Value
$70,521
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Terlton, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74081 | $24,216 | $41,673 | $68,208 | $106,697 | $172,864 |
Source: Ownwell
Property Tax Bills Across Terlton, Oklahoma
In Terlton, located in Pawnee County, OK, property tax bills are determined through a combination of the property's assessed value and the local tax rate. The assessed value is typically a percentage of the property's market value. For instance, with a median home price of $68,208, the assessed value forms the basis for calculating the tax bill. The local tax rate is then applied to this assessed value to arrive at the final tax bill. Several factors affect the property tax bill, including property improvements, neighborhood developments, and changes in local tax rates. For homeowners, understanding these elements is crucial as they directly impact annual property expenses. In Terlton, the tax bill for the 25th percentile is $352, while the 75th percentile reaches $1,062, and the 90th percentile can go up to $1,679. Compared to the national median property tax rate of 0.99%, Terlton's property tax bills offer a range that reflects both lower and higher ends of the spectrum, affecting homeowners differently based on their property's assessed value.
Average Terlton Tax Bill
$638
Average Pawnee County Tax Bill
$656
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Terlton, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74081 | $194 | $352 | $638 | $1,062 | $1,679 |
Source: Ownwell