Example of Oklahoma County Property Tax Calculation
Oklahoma County Property Tax is calculated by multiplying the assessed value of a property by the tax rate. The assessed value of a property is determined by the county assessor's office and is based on the market value of the property. The tax rate is set by the county commissioners and is expressed in terms of mills, where one mill is equal to $1 for every $1,000 of assessed value.
For example, if a property in Oklahoma County has an assessed value of $100,000 and the tax rate is 20 mills, the property tax would be calculated as follows:
$100,000 assessed value x 20 mills = $2,000 property tax
It's important to note that property taxes may also include additional levies, such as school district taxes, which are determined by the local school board. These additional levies are added to the county property tax to determine the total amount owed.
In summary, the Oklahoma County Property Tax is determined by multiplying the assessed value of a property by the tax rate, with additional levies added if applicable.
If you want appeal your property tax assessment - contact your local tax assessor.
Oklahoma County Property Tax Rates
The following table shows the Oklahoma County Property Tax rates per $100 of assessed value:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County-wide | $0.8299 |
| Oklahoma City | $1.2917 |
| Edmond | $1.0104 |
| Midwest City | $1.2909 |
| Del City | $1.3060 |
| Bethany | $1.0367 |
| Warr Acres | $1.0849 |
| Nichols Hills | $0.8981 |
| The Village | $1.0133 |
| Forest Park | $1.2239 |
It is important to note that the property tax rates may vary based on the specific property location and type of property. It is advisable to consult with a tax expert for more information on property tax rates and regulations.
Who sets property tax rates in Oklahoma County ?
Who sets property tax rates in Oklahoma County?
The Oklahoma County Board of County Commissioners sets the property tax rates in Oklahoma County.
When are property tax rates set in Oklahoma County?
The property tax rates are set annually in the summer months. The Oklahoma County Assessor's Office assesses the value of each property in the county and provides that information to the Board of County Commissioners. The commissioners then set the tax rates based on the assessed values and budgetary needs.
Here is a table summarizing the property tax rates for Oklahoma County in 2021:
| Property Type | Tax Rate (per $1000 of assessed value) |
|---|---|
| Residential | 123.23 |
| Agricultural | 123.23 |
| Commercial | 131.23 |
| Industrial | 131.23 |
It's important to note that these rates only apply to properties within Oklahoma County and may vary depending on the specific location and other factors. Additionally, property owners may be eligible for certain exemptions or deductions that can lower their overall tax liability.
When is Oklahoma County Property Tax due ?
Oklahoma County Property Tax is typically due on December 31st of each year. Here are some important details about the payment methods:
| Payment Method | Description |
|---|---|
| Online Payment | Property owners can pay their taxes online using the Oklahoma County Treasurer's website. This method accepts e-checks, credit and debit cards. |
| Mail-In Payment | Property owners can also mail in their payments to the Oklahoma County Treasurer's Office. The address is provided on the tax statement. |
| In-Person Payment | Property owners can pay their taxes in-person at the Oklahoma County Treasurer's Office during business hours. The office is located at 320 Robert S. Kerr, Room 307, Oklahoma City, OK 73102. |
It’s important to note that failure to pay property taxes by the due date could result in penalty and interest fees. Property owners can contact the Oklahoma County Treasurer's Office for more information regarding property tax payments.
If you have more questions - contact your local tax collector.
Homestead exemptions in Oklahoma County ?
To help homeowners in Oklahoma County, it's important to know about the different Homestead exemptions and deductions available. Here are the details for each one:
Homestead Exemptions and Deductions in Oklahoma County, Oklahoma
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| County Assessor's Standard Homestead Exemption | Must own and occupy home as primary residence | $1,000 off property value | Applies to all properties |
| Additional Homestead Exemption | Must be 65 or older, or have a disability | $1,000 off property value | Applies to all properties |
| Senior Valuation Limitation | Must be 65 or older, and meet income and asset limits | Limits tax valuation increases to 5% per year | Applies to all properties |
| Disabled Veteran's Homestead Exemption | Must be a veteran with a service-related disability, and own and occupy home as primary residence | $1,000 off property value | Applies to all properties |
| Disabled Person's Homestead Exemption | Must be a person with a disability, and own and occupy home as primary residence | $1,000 off property value | Applies to all properties |
| Agricultural Land Exemption | Must own and use land for agriculture purposes | Varies based on acreage and use | Applies to agricultural land only |
| Industrial Development Exemption | Must own and use property for industrial development | Varies based on project | Applies to commercial and industrial properties |
It's important to note that some exemptions and deductions may have additional qualifications or restrictions. Homeowners in Oklahoma County should consult with the County Assessor's office to determine their eligibility and how to apply for these benefits.
How is Oklahoma County Property Tax penalty calculated ?
The Oklahoma County Property Tax penalty is calculated based on a percentage of the total unpaid taxes owed. The penalty for late payment is 1% per month, which adds up to a maximum of 12% per year.
For example, let's say John owes $2,000 in property taxes to Oklahoma County. The due date for payment is January 1st, but John misses the deadline and pays on February 1st. Since John is one month late, he will be charged a penalty of 1% of his unpaid taxes, which is $20 (1% of $2,000). If John continues to be late and pays in March, he will be charged another 1% penalty, which will be $40 (2% of $2,000).
This penalty can quickly add up, making it important for property owners to pay their taxes on time. To avoid penalties, property owners should mark their calendars with the due date and make timely payments. If there are any issues, they should contact the Oklahoma County Treasurer's office for assistance.
Here is a table summarizing the calculation:
| Month Late | Penalty Rate | Penalty Amount |
|---|---|---|
| 1 month | 1% | $20 |
| 2 months | 2% | $40 |
| 3 months | 3% | $60 |
| 4 months | 4% | $80 |
| 5 months | 5% | $100 |
| 6 months | 6% | $120 |
| 7 months | 7% | $140 |
| 8 months | 8% | $160 |
| 9 months | 9% | $180 |
| 10 months | 10% | $200 |
| 11 months | 11% | $220 |
| 12 months | 12% | $240 |
We recommend contacting the Oklahoma County Tax Office or a local tax professional for the most up-to-date and accurate information.