Prague, Oklahoma Property Taxes
The median property tax rate in Prague, OK is 0.67%, which is notably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $134,936 in Prague, the typical annual property tax bill amounts to $788, significantly less than the national median of $2,690. Property taxes in Prague are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Prague's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Prague or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Prague, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.67%
Estimate Property Tax Bill
$904
Ownwell’s Prague Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prague with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prague 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 Prague, Oklahoma
Property taxes in Prague, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Prague is 0.67%, lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Prague set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prague 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 Prague's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74864 zip code has the highest median property tax rate of 0.67%, while the same zip code also has the lowest median tax rate of 0.67%. Understanding how these areas compare with Prague provides valuable insights into the varying tax landscape across Pottawatomie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Prague Tax Rate
0.67%
Average Pottawatomie County Tax Rate
1.04%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prague, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74864 | 0.27% | 0.44% | 0.67% | 0.94% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Prague, Oklahoma
In Prague, 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 Pottawatomie 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 Prague, 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 Prague helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 74864 has the highest and lowest median tax bill at $788, highlighting the importance of being proactive in managing property taxes.
Average Prague Assessed Value
$134,936
Average Pottawatomie County Assessed Value
$87,932
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Prague, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74864 | $53,659 | $88,944 | $134,936 | $197,403 | $271,089 |
Source: Ownwell
Property Tax Bills Across Prague, Oklahoma
In Prague, property tax bills are calculated based on the assessed value of the home, which is a percentage of its market value. The median home price in Prague is $134,936. The property tax rate in Pottawatomie County, where Prague is located, is applied to this assessed value to determine the annual tax bill. Factors such as the home's location, size, and any applicable exemptions can influence the assessed value. For instance, the tax bill for homes in the 25th percentile is around $460, while those in the 75th percentile pay about $1,377. At the 90th percentile, homeowners can expect to pay up to $2,147 annually. Comparatively, the national median property tax rate is 0.99%, making Prague’s property taxes relatively moderate. These taxes fund essential local services, impacting homeowners by contributing to community resources like schools and infrastructure. Understanding these factors can help homeowners anticipate their financial responsibilities and plan accordingly.
Average Prague Tax Bill
$788
Average Pottawatomie County Tax Bill
$764
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Prague, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74864 | $237 | $460 | $788 | $1,377 | $2,147 |
Source: Ownwell