Property and Income Tax in Oklahoma City
Updated: Mar 14, 2023
In Oklahoma, property taxes are relatively low, as the state has an average effective property tax of 0.87%. The median annual property tax paid in Oklahoma by homeowners is just $1,278, one of the lowest rates in the U.S.
The "Sooner State's" property taxes are among the lowest in both its area and comparatively low in all 50 states in the United States. In Oklahoma, the median annual property tax bill is $1,278, which is the 10th-lowest number in any state. In comparison, that comes in as just over half of the national median of $2,578.
The amount of property tax owed by homeowners in Oklahoma depends on their assessed amount and cumulative tax rate. Taxable value is based on market value but not inherently equal to it. Through an annual review, county assessors evaluate the market value of land in their jurisdictions. Most reviews are not carried out in person but are based on recent sales of similar assets. Assessors are only allowed to visit any property once every four years physically.
For residential homestead and farmland, annual increases in a property's assessed value are capped at 3 percent. Any other property has a 5 percent limit. Senior residents may also qualify for the freeze in senior valuation, which prevents the rise in home prices. Click here to download the Senior Valuation Freeze Form
Oklahoma's tax rates are set in every county and city by several tax authorities and then totaled for each district. Rates rely on budgetary needs, but increases are typically subject to the approval of voters. Rates are set as mills, with $1 in taxes per $1,000 in taxable value equal to one mill. A mill rate of 90 mills will suggest taxes of $900 on a home with a taxable value of $10,000.
The most populated county in the state is Oklahoma County, and it includes the capital of the state, Oklahoma City. It has the third-highest effective average tax rate of the 77 counties in Oklahoma, as it currently stands at 1.06 percent this is roughly half the tax rate of Texas.
Table shown below are the property and income tax rate for other state