Rattan, Oklahoma Property Taxes
The median property tax rate in Rattan, OK is 0.50%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Rattan, the typical annual property tax bill is $365, which is well below the national median of $2,690. Property taxes in Rattan are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural land. Understanding Rattan'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 Rattan 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
Rattan, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$392
-$4,105
Ownwell’s Rattan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rattan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rattan 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 Rattan, Oklahoma
Property taxes in Rattan, Oklahoma, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Rattan is 0.50%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Rattan set these rates annually, and they can vary across different neighborhoods. Each year, Rattan 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 Rattan's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74562 has the highest median property tax rate of 0.50%, while the same zip code also has the lowest median tax rate of 0.50%. Understanding how these cities compare with Rattan 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 Rattan Tax Rate
0.50%
Average Pushmataha County Tax Rate
0.56%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rattan, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74562 | 0.23% | 0.36% | 0.50% | 0.66% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Rattan, Oklahoma
In Rattan, 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 Rattan, 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 Rattan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with the highest median tax bill is 74562 at $365, while the lowest is also 74562 at $365.
Average Rattan Assessed Value
$78,341
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 Rattan, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74562 | $32,857 | $50,002 | $78,341 | $122,112 | $162,250 |
Source: Ownwell
Property Tax Bills Across Rattan, Oklahoma
Property tax bills in Rattan, located in Pushmataha County, OK, are calculated based on the assessed value of a property. This assessed value is a percentage of the property's market value, which is determined by the county assessor. The local tax rate is then applied to this assessed value to calculate the annual property tax bill. Homeowners in Rattan typically see tax bills ranging from $195 at the 25th percentile to $629 at the 75th percentile, with the 90th percentile reaching up to $880. Several factors influence the tax bill, including property size, location, and any applicable exemptions. For instance, properties in the zip code 74562 have a consistent median tax bill of $365. Compared to the national median property tax rate of 0.99%, Rattan's property taxes are relatively moderate, which can be a financial relief for homeowners. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Rattan Tax Bill
$365
Average Pushmataha County Tax Bill
$395
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Rattan, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74562 | $112 | $195 | $365 | $629 | $880 |
Source: Ownwell