Oklahoma County’s tax rate of 0.96% is lower than the national average rate of 1.1%, with property owners paying $1,132 annually.
Despite the unrelenting presence of property taxes, many property owners are unaware of how their tax rates are actually determined and what exactly their tax money is put towards. As tax rates can vary year to year, it’s often difficult to budget for your tax responsibilities as a homeowner.
To provide you with a comprehensive guide to all things property taxes, home and auto insurance
comparison app Jerry
has compiled everything you need to know about property taxes in Oklahoma County, Oklahoma
. Property tax 101
As you submit your tax payments, you may be wondering if property taxes actually have a purpose or if they’re simply an inescapable annoyance that comes with property ownership.
While submitting any sort of tax payment can be less than ideal, property taxes are used as direct revenue by the local governing body, city, or special tax district where you reside to fundessential public services.
Owners of houses, businesses, and parcels of land are required to pay these taxes at a rate determined by the local tax assessor based on the value of their property.
Essentially, you can think of property taxes as a payment to the local government in exchange for the maintenance and improvement of public services in your locale.
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What is the property tax rate in Oklahoma County?
The property tax rate in Oklahoma County is 0.96% of a property’s fair market assessed value, which is more than the state average of .74%. In comparison to the national average property tax rate of 1.1%, Oklahoma County residents are paying slightly less on property taxes than the rest of the country.
For an Oklahoma County home worth the median value of $117,500, the average property tax is $1,132 per year, translating to roughly 1.95% of an Oklahoma resident’s yearly income.
To compare Oklahoma County’s tax rate with other counties in Oklahom
a, check out this link
. How Oklahoma County property taxes are determined
Oklahoma property rates are determined by the Oklahoma County Tax Assessor
, who assesses the fair market value of properties. The market value of properties is subject to change following property renovations and market fluctuations. Further, assessed values may vary depending on a property’s classification as residential or commercial.
To ensure properties are appraised with accuracy, their values are reassessed on an annual basis.
For information regarding the tax rate, history, or records of a property, to request a reassessment of your property’s value, or to appeal an assessment, you can contact the Oklahoma Tax Assessor's Office
. What do Oklahoma County property taxes pay for?
Funds collected through property taxation are streamed by local governments into public services, including:
How to pay property taxes in Oklahoma County
Oklahoma County permits the payment of property taxes to be completed in two installments, with the first half due on December 31 and the second half due on March 31.
If there is no payment on December 31, the entire amount due becomes delinquent on January 1.
You can pay your property taxes online through this link
using a credit card or e-check. Keep in mind that there is a convenience fee associated with online payment, and there will be a returned transaction fee of $4.50 for insufficient and uncollected funds. You also have the option of paying in person at the County Treasurer’s Office, located at 320 Robert S. Kerr Avenue, #307 Oklahoma City, Oklahoma 73102.
How to save money on homeowners and car insurance in Oklahoma
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