Payne County, Oklahoma Property Taxes
The median property tax rate in Payne County is 0.91%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $185,340, the typical annual property tax bill in Payne County is $1,635, significantly below the national median of $2,690. Property taxes in Payne County are calculated based on the assessed value, which is often less than the actual market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Payne County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can lead to substantial annual savings. Whether you live in Stillwater or another part of Payne County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Payne County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$1,687
$1,565
Ownwell’s Payne County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Payne County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Payne County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Payne County, Oklahoma
Property taxes in Payne County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Payne County is 0.91%, which is lower than the U.S. national median of 0.99%. Local government entities within Payne County set these rates annually, and they can vary significantly between different areas within the county. Each year, Payne County estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Payne County's effective property tax rate with other counties in Oklahoma and the national median. For comparison, the city of Stillwater has one of the higher property tax rates in Oklahoma at 0.96%, while the city of Mulhall boasts one of the lowest at 0.69%. Analyzing how Payne County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Payne County Tax Rate
0.91%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Payne County, Oklahoma
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Agra | 0.59% | 0.71% | 0.87% | 0.99% | 1.07% |
| Coyle | 0.47% | 0.64% | 0.77% | 0.86% | 0.93% |
| Cushing | 0.42% | 0.57% | 0.72% | 0.84% | 0.95% |
| Drumright | 0.41% | 0.58% | 0.70% | 0.79% | 0.84% |
| Glencoe | 0.48% | 0.68% | 0.81% | 0.94% | 1.04% |
| Maramec | N/A | N/A | N/A | N/A | N/A |
| Mulhall | 0.38% | 0.63% | 0.69% | 0.78% | 0.90% |
| Orlando | 0.56% | 0.67% | 0.75% | 0.84% | 0.90% |
| Perkins | 0.56% | 0.77% | 0.90% | 1.02% | 1.10% |
| Ripley | 0.42% | 0.60% | 0.86% | 1.00% | 1.11% |
| Stillwater | 0.73% | 0.86% | 0.96% | 1.06% | 1.13% |
| Yale | 0.49% | 0.68% | 0.85% | 0.95% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Payne County, Oklahoma
In Payne County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Payne County Appraisal District. The assessed value, however, 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. Assessment notices in Payne County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For instance, Stillwater has the highest median tax bill at $2,056, while Maramec has the lowest at $532. Being aware of these valuation processes in Payne County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Payne County Assessed Value
$185,340
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Payne County, Oklahoma
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Agra | $83,379 | $119,480 | $192,650 | $292,115 | $364,213 |
| Coyle | $35,460 | $73,690 | $156,740 | $249,660 | $354,156 |
| Cushing | $30,340 | $54,320 | $101,770 | $173,260 | $269,540 |
| Drumright | $61,982 | $83,758 | $144,115 | $230,875 | $316,707 |
| Glencoe | $29,572 | $64,222 | $122,585 | $215,110 | $356,520 |
| Maramec | N/A | N/A | N/A | N/A | N/A |
| Mulhall | $63,922 | $100,355 | $148,990 | $233,400 | $299,054 |
| Orlando | $88,426 | $143,930 | $227,060 | $486,052 | $543,293 |
| Perkins | $67,575 | $118,618 | $162,630 | $232,025 | $326,125 |
| Ripley | $17,182 | $42,195 | $88,580 | $180,440 | $251,780 |
| Stillwater | $91,864 | $147,715 | $218,655 | $301,948 | $426,093 |
| Yale | $16,530 | $35,855 | $79,710 | $141,580 | $220,540 |
Source: Ownwell
Property Tax Bills Across Payne County, Oklahoma
In Payne County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For example, homeowners in Stillwater face the highest median tax bill in the county at $2,056, while those in Maramec pay significantly less with a median of $532. The tax bills vary widely, with the 25th percentile at $841 and the 75th percentile reaching $2,560. At the 90th percentile, homeowners could see tax bills as high as $3,623. These variations can significantly impact homeowners, making it essential to understand how your property is assessed and what exemptions might apply. Comparatively, the national median property tax rate is 0.99%, offering a benchmark to gauge local tax obligations. Understanding these factors can help homeowners better manage their property tax responsibilities.
Average Payne County Tax Bill
$1,635
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Payne County, Oklahoma
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Agra | $528 | $925 | $1,542 | $2,726 | $3,480 |
| Coyle | $242 | $463 | $1,142 | $1,864 | $2,770 |
| Cushing | $176 | $322 | $659 | $1,268 | $2,070 |
| Drumright | $409 | $560 | $1,009 | $1,525 | $2,199 |
| Glencoe | $190 | $441 | $910 | $1,710 | $3,005 |
| Maramec | N/A | N/A | N/A | N/A | N/A |
| Mulhall | $192 | $546 | $1,066 | $1,733 | $2,244 |
| Orlando | $617 | $927 | $1,598 | $3,346 | $4,635 |
| Perkins | $468 | $873 | $1,396 | $2,178 | $2,918 |
| Ripley | $119 | $270 | $640 | $1,570 | $2,333 |
| Stillwater | $780 | $1,341 | $2,056 | $2,889 | $4,057 |
| Yale | $112 | $236 | $614 | $1,123 | $1,953 |
Source: Ownwell