Balko, Oklahoma Property Taxes
The median property tax rate in Balko, OK is 0.54%, significantly lower than both the national median of 0.99% and Oklahoma's state median of 0.97%. With the median home value in Balko at $108,804, the typical annual property tax bill is $550, well below the national median of $2,690. Property taxes in Balko 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 Balko'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 Balko or another part of Texas County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Balko, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.54%
Estimate Property Tax Bill
$588
Ownwell’s Balko Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Balko with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Balko 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 Balko, Oklahoma
Property taxes in Balko, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Balko is 0.54%, which is significantly lower than both the Oklahoma state median of 0.87% and the U.S. national median of 0.99%. Local government entities within Balko set these rates annually, and they can vary significantly across different neighborhoods. Each year, Balko 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 Balko's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73931 has both the highest and lowest median property tax rate of 0.54%. Understanding how these areas compare with Balko provides valuable insights into the varying tax landscape across Beaver County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Balko Tax Rate
0.54%
Average Texas County Tax Rate
0.69%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Balko, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73931 | 0.37% | 0.39% | 0.54% | 0.80% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Balko, Oklahoma
In Balko, 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 Texas 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 Balko, 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 Balko helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 73931 has both the highest and lowest median tax bill at $550.
Average Balko Assessed Value
$108,804
Average Texas County Assessed Value
$112,882
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Balko, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73931 | $51,832 | $78,660 | $108,804 | $134,976 | $154,654 |
Source: Ownwell
Property Tax Bills Across Balko, Oklahoma
In Balko, property tax bills 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. For example, the median home price in Balko is $108,804. The tax rate in Texas County, where Balko is located, is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including local tax rates and any applicable exemptions. Homeowners in Balko can expect their tax bills to vary, with the 25th percentile at $461 and the 75th percentile at $620. The 90th percentile tax bill reaches up to $637. Compared to the national median property tax rate of 0.99%, Balko's property taxes are relatively moderate, providing some financial relief to homeowners. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Balko Tax Bill
$550
Average Texas County Tax Bill
$698
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Balko, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73931 | $411 | $461 | $550 | $620 | $637 |
Source: Ownwell