Perkins, Payne County, Oklahoma Property Taxes
The median property tax rate in Perkins, OK is 0.90%, 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 $162,630 in Perkins, the typical annual property tax bill is approximately $1,396, significantly below the national median of $2,690. Property taxes in Perkins are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Perkins'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 Perkins 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
Perkins, Payne County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$1,464
$1,358
Ownwell’s Perkins Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Perkins with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Perkins 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 Perkins, Payne County, Oklahoma
Property taxes in Perkins, Oklahoma, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Perkins is 0.90%, which is slightly below the U.S. national median of 0.99%. Local government entities within Perkins set these rates annually, and they can vary significantly across different neighborhoods. Each year, Perkins 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 Perkins's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the 74059 zip code has the highest median property tax rate of 0.90%, while the same zip code also has the lowest median tax rate of 0.90%. Understanding how these cities compare with Perkins provides valuable insights into the varying tax landscape across Payne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Perkins Tax Rate
0.90%
Average Payne County Tax Rate
0.91%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Perkins, Payne County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74059 | 0.56% | 0.77% | 0.90% | 1.02% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Perkins, Payne County, Oklahoma
In Perkins, 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 Payne 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 Perkins, 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. Perkins homeowners experience a median home price of $162,630 and property tax bills ranging from $873 at the 25th percentile to $2,918 at the 90th percentile. The zip code 74059 has both the highest and lowest median tax bill of $1,396. 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 Perkins helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Perkins, Payne County, Oklahoma
Source: Ownwell
$79,710
$153,385
$227,060
Average Perkins Assessed Value
$162,630
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 Perkins, Payne County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74059 | $67,575 | $118,618 | $162,630 | $232,025 | $326,125 |
Source: Ownwell
Property Tax Bills Across Perkins, Payne County, Oklahoma
In Perkins, located in Payne County, 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. For example, with a median home price of $162,630, homeowners can expect a range of tax bills. At the 25th percentile, tax bills are around $873, while at the 75th percentile, they can reach up to $2,178. For the top 10% of properties, tax bills can be as high as $2,918. Several factors influence these amounts, including property size, location, and any applicable exemptions. Homeowners in Perkins should be aware that their tax bills can vary significantly based on these elements. Compared to the national median property tax rate of 0.99%, Perkins offers a relatively moderate tax burden, which can be a significant factor for those considering homeownership in the area. Understanding these calculations helps homeowners plan better for their financial responsibilities.
Average Perkins Tax Bill
$1,396
Average Payne County Tax Bill
$1,635
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Perkins, Payne County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74059 | $468 | $873 | $1,396 | $2,178 | $2,918 |
Source: Ownwell