Okemah, Oklahoma Property Taxes
The median property tax rate in Okemah, OK is 0.58%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $65,352 in Okemah, the typical annual property tax bill amounts to $375, well below the national median of $2,690. Property taxes in Okemah are calculated based on the tax assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Okemah's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Okemah or another part of Seminole County, gaining insight into the local property tax framework will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Okemah, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$379
Ownwell’s Okemah Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Okemah with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Okemah 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 Okemah, Oklahoma
Property taxes in Okemah, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Okemah is 0.58%, significantly lower than the U.S. national median of 0.99%. Local government entities within Okemah set these rates annually, and they can vary significantly across different neighborhoods. Each year, Okemah 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 Okemah's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74859 zip code has both the highest and lowest median property tax rate of 0.58%. Understanding how these cities compare with Okemah 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 Okemah Tax Rate
0.58%
Average Seminole County Tax Rate
0.75%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Okemah, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74859 | 0.27% | 0.40% | 0.58% | 0.79% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Okemah, Oklahoma
In Okemah, 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 Okemah, 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. The median home price in Okemah is $65,352, with the 25th percentile tax bill at $199 and the 75th percentile at $700. The highest and lowest median tax bills are both $375 in the 74859 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Okemah Assessed Value
$65,352
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 Okemah, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74859 | $17,585 | $38,461 | $65,352 | $128,464 | $198,451 |
Source: Ownwell
Property Tax Bills Across Okemah, Oklahoma
In Okemah, located in Seminole County, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the property's market value. Factors such as the property's location, size, and improvements are considered in this valuation. For instance, the median home price in Okemah is $65,352. Property tax rates are then applied to this assessed value to determine the annual tax bill. Homeowners in Okemah can expect a range of property tax bills. The 25th percentile tax bill is around $199, while the 75th percentile reaches up to $700, and the 90th percentile can go as high as $1,389. This variability significantly impacts homeowners, as those with higher-valued properties or recent improvements may face steeper tax bills. Comparing this to the national median property tax rate of 0.99%, Okemah's rates can be relatively moderate, though they vary widely depending on specific property assessments.
Average Okemah Tax Bill
$375
Average Seminole County Tax Bill
$442
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Okemah, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74859 | $108 | $199 | $375 | $700 | $1,389 |
Source: Ownwell