Velma, Oklahoma Property Taxes
The median property tax rate in Velma, OK is 0.75%, 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 Velma being $82,482, the typical annual property tax bill reaches $621, significantly below the national median of $2,690. Property taxes in Velma are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Velma'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 Velma 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
Velma, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$619
Ownwell’s Velma Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Velma with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Velma 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 Velma, Oklahoma
Property taxes in Velma, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Velma is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Velma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Velma 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 Velma's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73491 has both the highest and lowest median property tax rate of 0.75%. Understanding how these cities compare with Velma provides valuable insights into the varying tax landscape across Stephens County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Velma Tax Rate
0.75%
Average Stephens County Tax Rate
0.81%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Velma, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73491 | 0.53% | 0.66% | 0.75% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Velma, Oklahoma
In Velma, 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 Stephens 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 Velma, 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 Velma helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 73491 at $621, which also happens to be the lowest at the same value.
Average Velma Assessed Value
$82,482
Average Stephens County Assessed Value
$86,689
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Velma, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73491 | $51,152 | $65,254 | $82,482 | $109,264 | $165,427 |
Source: Ownwell
Property Tax Bills Across Velma, Oklahoma
In Velma, located in Stephens County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Velma is $82,482. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, homeowners in Velma can expect tax bills ranging from $438 at the 25th percentile to $824 at the 75th percentile, with the 90th percentile reaching up to $1,364. Several factors influence the tax bill, including the property's market value, assessment ratio, and applicable exemptions. These taxes are crucial for funding public services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Velma's tax rates offer a relatively affordable option for homeowners, making it an attractive location for those looking to manage their property expenses effectively.
Average Velma Tax Bill
$621
Average Stephens County Tax Bill
$664
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Velma, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73491 | $282 | $438 | $621 | $824 | $1,364 |
Source: Ownwell