Albion, Oklahoma Property Taxes
The median property tax rate in Albion, OK is 0.72%, 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 Albion, the typical annual property tax bill is $799, significantly below the national median of $2,690. Property taxes in Albion are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Albion'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 Albion or another part of Pushmataha County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Albion, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$797
-$8,348
Ownwell’s Albion Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Albion with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Albion 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 Albion, Oklahoma
Property taxes in Albion, Oklahoma, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Albion is 0.72%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Albion set these rates annually, and they can vary significantly across different neighborhoods. Each year, Albion 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 Albion's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74521 has both the highest and lowest median property tax rate of 0.72%. Understanding how these areas compare with Albion provides valuable insights into the varying tax landscape across Pushmataha County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Albion Tax Rate
0.72%
Average Pushmataha County Tax Rate
0.56%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Albion, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74521 | 0.72% | 0.72% | 0.72% | 0.72% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Albion, Oklahoma
In Albion, 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 Pushmataha 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. Assessment notices in Albion 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 Albion helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $799 in the 74521 zip code.
Average Albion Assessed Value
$110,629
Average Pushmataha County Assessed Value
$75,969
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Albion, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74521 | $110,629 | $110,629 | $110,629 | $110,629 | $110,629 |
Source: Ownwell
Property Tax Bills Across Albion, Oklahoma
In Albion, located in Pushmataha County, OK, property tax bills are calculated based on the assessed value of a home. This value is determined by local assessors who evaluate various factors, including the property's market value, location, and any improvements made. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For Albion homeowners, the median home price stands at $110,629, and the property tax rate is consistent with the national median of 0.99%. As a result, the typical tax bill hovers around $799, which is uniform across different percentiles, indicating a flat rate application within this region. This predictable tax bill can help homeowners budget more effectively, although it also means that any significant changes in property value or local tax policies could impact their annual expenses. Understanding these factors is crucial for homeowners aiming to manage their property-related costs efficiently.
Average Albion Tax Bill
$799
Average Pushmataha County Tax Bill
$395
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Albion, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74521 | $799 | $799 | $799 | $799 | $799 |
Source: Ownwell