Yale, Oklahoma Property Taxes
The median property tax rate in Yale, OK is 0.85%, slightly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Yale, the typical annual property tax bill reaches $614, significantly below the national median of $2,690. Property taxes in Yale are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Yale'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 Yale 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
Yale, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$678
Ownwell’s Yale Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Yale with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Yale 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 Yale, Oklahoma
Property taxes in Yale, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Yale is 0.85%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Yale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Yale 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 Yale's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the zip code 74085 has the highest median property tax rate of 0.85%, while the same zip code also has the lowest median tax rate of 0.85%. Understanding how these areas compare with Yale 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 Yale Tax Rate
0.85%
Average Payne County Tax Rate
0.91%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Yale, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74085 | 0.49% | 0.68% | 0.85% | 0.95% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Yale, Oklahoma
In Yale, 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's Office 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 Yale, 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 Yale helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 74085 has both the highest and lowest median tax bills, each at $614.
Average Yale Assessed Value
$79,710
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 Yale, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74085 | $16,530 | $35,855 | $79,710 | $141,580 | $220,540 |
Source: Ownwell
Property Tax Bills Across Yale, Oklahoma
In Yale, located in Payne County, OK, property tax bills are calculated based on the assessed value of homes, which is a fraction of the market value. The local tax rate is then applied to this assessed value to determine the tax bill. Factors such as property size, location, and improvements can influence the assessed value, impacting the final tax bill. For homeowners in Yale, the median home price stands at $79,710. Property tax bills in this area show significant variation, with the 25th percentile at $236 and the 75th percentile reaching $1,123. At the higher end, the 90th percentile tax bill can go up to $1,953. This variability means that while some homeowners may find their tax bills relatively manageable, others might face higher financial obligations. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners in Yale to understand how local rates and assessed values affect their annual property tax bills.
Average Yale Tax Bill
$614
Average Payne County Tax Bill
$1,635
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Yale, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74085 | $112 | $236 | $614 | $1,123 | $1,953 |
Source: Ownwell