Frederick, Oklahoma Property Taxes
The median property tax rate in Frederick, Oklahoma is 1.00%, slightly higher than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Frederick at $27,843, the typical annual property tax bill reaches $260, which is notably lower than the national median of $2,690. Property taxes in Frederick are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Frederick'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 Frederick 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
Frederick, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$278
Ownwell’s Frederick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Frederick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Frederick 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 Frederick, Oklahoma
Property taxes in Frederick, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Frederick is 1.00%, slightly higher than the U.S. national median of 0.99%. Local government entities within Frederick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Frederick 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 Frederick's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73542 zip code has both the highest and lowest median property tax rate of 1.00%. Understanding how these cities compare with Frederick provides valuable insights into the varying tax landscape across Tillman County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Frederick Tax Rate
1.00%
Average Tillman County Tax Rate
0.98%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Frederick, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73542 | 0.53% | 0.77% | 1.00% | 1.11% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Frederick, Oklahoma
In Frederick, 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 Tillman County Appraisal District 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 Frederick, 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 Frederick 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 73542, with a value of $260.
Average Frederick Assessed Value
$27,843
Average Tillman County Assessed Value
$29,168
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Frederick, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73542 | $11,582 | $17,362 | $27,843 | $51,679 | $95,037 |
Source: Ownwell
Property Tax Bills Across Frederick, Oklahoma
In Frederick, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the tax bill. For instance, if a home has an assessed value of $27,843 and the local tax rate is aligned with the national median of 0.99%, the tax bill would be approximately $276. Homeowners in Frederick see tax bills that vary significantly; the 25th percentile tax bill is around $143, while the 75th percentile tax bill reaches $523, and the 90th percentile tax bill can be as high as $983. This wide range indicates that property taxes can have a varied impact on homeowners, depending on the assessed value of their properties. The highest and lowest median tax bills in the area are both $260, demonstrating a relatively consistent tax burden within the specific zip code 73542. Understanding these factors helps homeowners anticipate their property tax liabilities more accurately.
Average Frederick Tax Bill
$260
Average Tillman County Tax Bill
$271
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Frederick, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73542 | $79 | $143 | $260 | $523 | $983 |
Source: Ownwell