Bowlegs, Oklahoma Property Taxes
The median property tax rate in Bowlegs, OK is 0.65%, 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 Bowlegs at $93,904, the typical annual property tax bill is around $657, significantly below the national median of $2,690. Property taxes in Bowlegs are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Bowlegs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Bowlegs or another part of Seminole County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bowlegs, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$610
Ownwell’s Bowlegs Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Bowlegs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bowlegs 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 Seminole County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Bowlegs, Oklahoma
Property taxes in Bowlegs, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bowlegs is 0.65%, lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Bowlegs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bowlegs 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 Bowlegs's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74830 zip code has both the highest and lowest median property tax rate of 0.65%. Understanding how these areas compare with Bowlegs provides valuable insights into the varying tax landscape across Seminole County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bowlegs Tax Rate
0.65%
Average Seminole County Tax Rate
0.75%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bowlegs, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74830 | 0.63% | 0.64% | 0.65% | 0.67% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Bowlegs, Oklahoma
In Bowlegs, 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 Seminole County Assessor's Office 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 Bowlegs, 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 Bowlegs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Bowlegs is $93,904, with the highest median tax bill of $657 in the 74830 zip code.
Average Bowlegs Assessed Value
$93,904
Average Seminole County Assessed Value
$62,317
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bowlegs, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74830 | $51,170 | $67,195 | $93,904 | $105,012 | $111,678 |
Source: Ownwell
Property Tax Bills Across Bowlegs, Oklahoma
In Bowlegs, property tax bills are calculated based on the assessed value of a home, which is determined by the Seminole County Assessor's Office. The assessed value is typically a percentage of the property's market value, and this percentage can vary. For homeowners in Bowlegs, the median home price stands at $93,904. The tax rate is then applied to the assessed value to determine the annual tax bill. Several factors influence the tax bill, including the property's location, improvements, and market conditions. Homeowners can expect property tax bills to fall within a range, with the 25th percentile at $460 and the 75th percentile at $690. The 90th percentile tax bill is $709, indicating that most homeowners pay between these amounts annually. Compared to the national median property tax rate of 0.99%, Bowlegs offers relatively affordable property taxes, which can be a significant financial relief for homeowners. Understanding these factors helps homeowners anticipate and budget for their annual property tax obligations.
Average Bowlegs Tax Bill
$657
Average Seminole County Tax Bill
$442
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Bowlegs, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74830 | $342 | $460 | $657 | $690 | $709 |
Source: Ownwell