Ripley, Payne County, Oklahoma Property Taxes
The median property tax rate in Ripley, OK is 0.86%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Ripley at $88,580, the typical annual property tax bill is $640, significantly below the national median of $2,690. Property taxes in Ripley are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Ripley'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 Ripley 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
Ripley, Payne County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$762
$707
Ownwell’s Ripley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ripley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ripley 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 Ripley, Payne County, Oklahoma
Property taxes in Ripley, OK, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ripley is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Ripley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ripley 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 Ripley's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74062 zip code has the highest median property tax rate of 0.86%, while the same zip code also has the lowest median tax rate of 0.86%. Understanding how these cities compare with Ripley 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 Ripley Tax Rate
0.86%
Average Payne County Tax Rate
0.91%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ripley, Payne County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74062 | 0.42% | 0.60% | 0.86% | 1.00% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Ripley, Payne County, Oklahoma
In Ripley, 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 Assessor 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 Ripley, 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 Ripley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the region are both found in zip code 74062, each at $640. The median home price in Ripley is $88,580, with tax bills ranging from $270 at the 25th percentile to $2,333 at the 90th percentile.
Property Tax Assessment Values Across Ripley, Payne County, Oklahoma
Source: Ownwell
$79,710
$153,385
$227,060
Average Ripley Assessed Value
$88,580
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 Ripley, Payne County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74062 | $17,182 | $42,195 | $88,580 | $180,440 | $251,780 |
Source: Ownwell
Property Tax Bills Across Ripley, Payne County, Oklahoma
In Ripley, located in Payne County, OK, property tax bills are calculated based on the assessed value of the property. The assessed value is typically a percentage of the property's market value. Local tax rates, which are applied to the assessed value, determine the final tax bill. These rates can vary depending on the specific needs of the municipality and local services funded by property taxes. For homeowners in Ripley, the median home price is $88,580. Property tax bills can vary significantly, with the 25th percentile at $270 and the 75th percentile reaching $1,570. At the higher end, the 90th percentile tax bill is $2,333. The highest and lowest median tax bills in the area are both $640, located in the 74062 zip code. Compared to the national median property tax rate of 0.99%, Ripley's rates can be more favorable, but they still represent a significant expense for homeowners. Understanding these factors can help homeowners budget effectively and anticipate their annual property tax obligations.
Average Ripley Tax Bill
$640
Average Payne County Tax Bill
$1,635
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Ripley, Payne County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74062 | $119 | $270 | $640 | $1,570 | $2,333 |
Source: Ownwell