Broken Bow, Oklahoma Property Taxes
The median property tax rate in Broken Bow, OK is 0.53%, considerably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Broken Bow, the typical annual property tax bill reaches $580, significantly below the national median of $2,690. Property taxes in Broken Bow are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Broken Bow'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 Broken Bow 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
Broken Bow, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$528
-$5,535
Ownwell’s Broken Bow Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Broken Bow with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Broken Bow 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 Broken Bow, Oklahoma
Property taxes in Broken Bow, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Broken Bow is 0.53%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Broken Bow set these rates annually, and they can vary across different neighborhoods. Each year, Broken Bow 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 Broken Bow's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74728 has both the highest and lowest median property tax rate of 0.53%. Understanding how these cities compare with Broken Bow 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 Broken Bow Tax Rate
0.53%
Average Pushmataha County Tax Rate
0.56%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Broken Bow, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74728 | 0.26% | 0.36% | 0.53% | 0.67% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Broken Bow, Oklahoma
In Broken Bow, 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 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 Broken Bow, 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 Broken Bow 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 area are both $580.00, found in the 74728 zip code.
Average Broken Bow Assessed Value
$99,648
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 Broken Bow, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74728 | $39,025 | $71,128 | $99,648 | $207,134 | $284,321 |
Source: Ownwell
Property Tax Bills Across Broken Bow, Oklahoma
Property tax bills in Broken Bow, located in Pushmataha County, OK, are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value typically represents a percentage of the property's market value. Homeowners in Broken Bow can expect their property tax bills to vary significantly, with the 25th percentile tax bill at $226 and the 75th percentile reaching $1,104. At the higher end, the 90th percentile tax bill is $1,688. The median home price in Broken Bow is $99,648, which influences the overall tax bill. Factors such as property improvements, local tax rates, and exemptions also play a role in determining the final amount. Compared to the national median property tax rate of 0.99%, Broken Bow's tax bills reflect a range that can significantly impact homeowners' annual expenses. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Broken Bow Tax Bill
$580
Average Pushmataha County Tax Bill
$395
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Broken Bow, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74728 | $104 | $226 | $580 | $1,104 | $1,688 |
Source: Ownwell