Krebs, Oklahoma Property Taxes
The median property tax rate in Krebs, OK is 0.73%, which is notably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Krebs at $65,727, the typical annual property tax bill amounts to $439, significantly below the national median of $2,690. Property taxes in Krebs are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Krebs'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 Krebs 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
Krebs, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$480
Ownwell’s Krebs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Krebs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Krebs 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 Krebs, Oklahoma
Property taxes in Krebs, Oklahoma, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Krebs is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Krebs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Krebs 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. Understanding how Krebs compares with other areas provides valuable insights into the varying tax landscape across Pittsburg County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Krebs Tax Rate
0.73%
Average Pittsburg County Tax Rate
0.73%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Krebs, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74554 | 0.41% | 0.53% | 0.73% | 0.88% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Krebs, Oklahoma
In Krebs, 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 Pittsburg 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 Krebs, 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 Krebs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 74554 has the highest and lowest median tax bill at $439.
Average Krebs Assessed Value
$65,727
Average Pittsburg County Assessed Value
$87,046
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Krebs, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74554 | $23,522 | $32,158 | $65,727 | $105,021 | $144,597 |
Source: Ownwell
Property Tax Bills Across Krebs, Oklahoma
In Krebs, located in Pittsburg County, OK, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the county assessor and is a percentage of the home's market value. Factors such as property size, location, and any improvements made to the home can influence this assessed value. The local tax rate is then applied to the assessed value to determine the annual property tax bill. In Krebs, the median home price is $65,727, and property tax bills can vary significantly. For example, the 25th percentile tax bill is $198, while the 75th percentile tax bill is $755. At the 90th percentile, homeowners might pay around $1,080. This variability in tax bills affects homeowners differently, depending on their property's assessed value and the specific local tax rate. Compared to the national median property tax rate of 0.99%, homeowners in Krebs may find their tax bills to be relatively moderate, providing some relief in terms of annual property expenses.
Average Krebs Tax Bill
$439
Average Pittsburg County Tax Bill
$571
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Krebs, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74554 | $141 | $198 | $439 | $755 | $1,080 |
Source: Ownwell