Tulsa, Oklahoma Property Taxes
The median property tax rate in Tulsa, Oklahoma is 0.83%, 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 Tulsa, the typical annual property tax bill is $711, significantly below the national median of $2,690. Property taxes in Tulsa are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Tulsa'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 Tulsa 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
Tulsa, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$796
Ownwell’s Tulsa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tulsa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tulsa 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 Tulsa, Oklahoma
Property taxes in Tulsa, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tulsa is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Tulsa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tulsa 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 Tulsa's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74108 zip code has the highest median property tax rate of 0.83%, while the same zip code also has the lowest median tax rate of 0.83%. Understanding how these cities compare with Tulsa provides valuable insights into the varying tax landscape across Wagoner County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tulsa Tax Rate
0.83%
Average Wagoner County Tax Rate
0.86%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tulsa, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74108 | 0.52% | 0.64% | 0.83% | 1.02% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Tulsa, Oklahoma
In Tulsa, 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 Wagoner 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 Tulsa, 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. For instance, the median home price is $95,872, with tax bills ranging from $592 at the 25th percentile to $1,187 at the 90th percentile. The highest and lowest median tax bills in Tulsa are both $711, found in the 74108 zip code. 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 Tulsa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tulsa Assessed Value
$95,872
Average Wagoner County Assessed Value
$214,676
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tulsa, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74108 | $57,146 | $81,626 | $95,872 | $113,816 | $130,498 |
Source: Ownwell
Property Tax Bills Across Tulsa, Oklahoma
In Tulsa, located in Wagoner County, property tax bills are calculated based on the assessed value of the property, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Various factors, including property improvements and neighborhood trends, can influence the assessed value. For homeowners in Tulsa, the median home price is $95,872, resulting in a tax bill that can vary significantly. For example, the 25th percentile of tax bills is $592, while the 75th percentile reaches $925, and the 90th percentile can be as high as $1,187. The highest median tax bill in the area is $711, found in the 74108 zip code. Compared to the national median property tax rate of 0.99%, Tulsa's tax rates offer a relatively affordable option for homeowners. Understanding these calculations helps property owners anticipate their annual financial obligations and plan accordingly.
Average Tulsa Tax Bill
$711
Average Wagoner County Tax Bill
$1,718
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Tulsa, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74108 | $414 | $592 | $711 | $925 | $1,187 |
Source: Ownwell