Property Tax Records in Oklahoma

For many people, owning a home is considerably better than renting a single unit. When you own a home, you can build equity, improve your credit, and gain more privacy. The one downside is that you'll need to pay property taxes every year. While property taxes can add hundreds of dollars to your monthly mortgage payments, the average tax rate in Oklahoma is just 0.85%, which is lower than the average in the U.S.

Homeowners pay a median property tax that's just over $1,400, which is among the lowest in the country. One reason why property taxes are often low in Oklahoma is that property values aren't as high as in other states. The average home value in the state is just over $206,000. Property taxes are based on your county's effective tax rate and the value of your home.

These taxes are calculated based on an annual assessment that's performed by the county assessor. This type of estimate can only be made once the assessor identifies the property's market value. Tax rates are lower in Oklahoma than in many other states because assessed values can't rise by more than 3% per year. A property's assessed value can be frozen at its 1997 level if it's owned by a low-income senior.

State taxes have been levied by assessors in Oklahoma for well over 100 years. However, property taxes don't play a major role in the state's tax revenues for a couple of reasons. In 1966, the state legislature provided municipalities with the ability to levy general sales taxes, which means that county and city governments collect more revenues from sales taxes than property taxes.

The property taxes you end up paying are based on your home's assessment value, which is the same as its taxable value. While a property's taxable value is similar to its market value, it's not necessarily equal to it.

As mentioned previously, your property's market value will be calculated once a year by your county assessor. Unlike traditional home appraisals, these assessments don't take place in person. They're based almost entirely on the recent sales of properties with comparable characteristics and features. Assessors are only tasked with visiting each property once every four years. This makes Oklahoma property tax assessment more straightforward for Oklahoma property owners.

Since your home's assessed value can only increase by 3% per year, you shouldn't experience a sharp increase in property taxes from one year to the next. For most properties in Oklahoma, the assessment rate is 13.5% of the taxable value. The minimum assessment rate is 11% of a home's taxable value. You can still reduce your property taxes with an exemption.

Tax authorities in each city and county create the tax rates throughout Oklahoma, which are then totaled for every district. Rates can change depending on current budgetary needs. However, the main advantage of the Oklahoma taxation system is that increases in tax rates can only take place with voter approval.

Tax rates are shown as mills, which means that a single mill is the same as $1 in tax for every $1,000 in a property's taxable value. If a home has a taxable value of $15,000 and a mill rate of 80, the owner's annual property taxes will amount to $1,200 before any exemptions are applied.

Keep in mind that mill rates differ by location. You can also calculate your home's property taxes by looking at your county's effective tax rate. If you own a $120,000 home and live in a county with an effective tax rate of 0.70%, your annual taxes will be $840. The tax rates in the most populous Oklahoma counties are:

As you can see, whether you have to worry about property taxes in Tulsa County or Oklahoma County being significantly higher than in rural areas or smaller cities, where you live in Oklahoma, doesn't make much of a difference as property taxes throughout the state are low.

Counties use property tax revenues to pay for libraries, vocational-technical education, local schools, and other public services. Even though Oklahoma doesn't collect as much property tax revenue as other states, it's still the main source of funding for school systems and local governments. However, the state government doesn't use any of these taxes for its budget.

If you want to buy a new home in Oklahoma, or invest in a rental property, you'll need to research it beforehand. You can learn a lot about a property by obtaining its tax records. In Oklahoma, tax records are available to the public. Most county governments provide access to these documents online, which means that you can enter the property address, owner name, or parcel ID to get the necessary tax records.

Many of these websites are easy to use. Once you submit the right information, you'll receive a list of properties that apply to your search. If you click on the property that you're interested in, you'll receive the following information:

When you own a home and live in Oklahoma, you may be able to claim a tax exemption or deduction. The purpose of an exemption or deduction is to ultimately reduce the amount of property taxes you owe. However, these tax breaks aren't available to all property owners. Oklahoma property tax exemptions and deductions come with numerous qualifications that you'll need to meet.

Homestead Exemption: The homestead exemption reduces your home's assessed valuation by $1,000. To qualify, you must own and live in a residential home. You can apply by mail, in person, or by email. This exemption is available to homeowners every year. Once you qualify for the exemption, you don't need to reapply. Keep in mind that an additional assessment exemption of $1,000 can be claimed if your household income doesn't exceed $25,000.

Senior Valuation Freeze: The senior valuation freeze can be claimed by homeowners who are at least 65 years old. You must own the home and live in it to qualify. Once the valuation freeze is in place, the assessed value of your home won't increase. You must apply for this tax break between January 1 and March 15. Make sure you include details about your income, ownership, and age.

State Property Tax Credit for Seniors or Disabled Individuals: If you're at least 65 years old or disabled, you can apply for the state property tax credit. To qualify, your household income can't exceed $112,000. The tax credit is worth $200, which means that your property tax bill will be reduced by this amount.

Disabled Veteran's Exemption: The disabled veteran's exemption eliminates the need to pay property taxes for anyone who qualifies. If you qualify for this exemption, you'll receive compensation at 100% of your home's fair cash value. You must be honorably discharged and have a 100% permanent disability. This exemption extends to surviving spouses.

There isn't just one way to search property tax records in Oklahoma. The tried-and-true method involves using the online database in your county to find this property information. You should be able to gain comprehensive property data by simply entering the home's parcel ID or its address.

If you'd like to use a more feature-rich platform, consider third-party tools like PropertyChecker. When you search for tax records on PropertyChecker, you can enter information like the owner's name, email address, or phone number. You should also be able to reach properties by inputting the parcel ID or property address. If you enter the correct information, your search should give you access to a wide range of records that include the following documents:

Oklahoma provides homeowners with the ability to appeal their property taxes. The county assessor is tasked with calculating home values once every year. You should receive a Notice of Assessment sometime between February and April. This notice will inform you of your home's market value and assessment value. Keep in mind that you won't receive a notice if the value of your property hasn't changed.

Property values aren't always accurate. County assessors are required to look at similar properties and compare them to your own. However, it's not an exact science. A separate appraiser might state that your home's market value is much lower than the county assessor's valuation. There's also a chance that the appraiser will input the wrong data into their formula. If you believe that your home's assessed value is wrong, you can appeal. Here's what the process looks like to appeal property taxes in Oklahoma.

Step 1: Once you receive your valuation notice, you must file an appeal within 30 days. The assessor in your county will schedule an informal hearing, which can take place over the phone or in person. You should receive a decision from the assessor within seven business days.

Step 2: If you don't agree with the decision, you can file an extra appeal with your county's Board of Equalization. Make sure you file the formal appeal within 15 business days after you get the assessor's decision in the mail.

Once you submit this appeal, the Board of Equalization will receive your evidence as well as the results from the informal hearing. The Board of Equalization may request additional evidence and call witnesses.

Step 3: After the Board of Equalization makes its ruling, you'll receive a written notice through the mail. You can file an additional appeal with the district court in your county.

While Oklahoma tax rates are lower than the national average, they can still lead to high property tax payments. Property taxes can impact real estate transactions for buyers, investors, and sellers. If a buyer wants to purchase a home in Tulsa County, they'll need to contend with a 1.20% tax rate.

If they're considering buying a $150,000 home, their property taxes will be $1,800 per year. The buyer could also choose to look for homes in a county with a lower tax rate. For example, the effective tax rate in Roger Mills County is 0.54%, which leads to an annual tax bill of $810.

This factor will also be a consideration for investors. To earn positive cash flow, an investor needs to make more in a given month than they pay in property management expenses and mortgage payments. High property taxes can eat into profits, which is why modern investors tend to purchase rentals in counties with low home values and tax rates.

Investors can also participate in tax sales, which are hosted by each county. If a homeowner doesn't pay their property taxes in full by December 31, their taxes will become delinquent the next day. Fees and interest will begin to accumulate immediately. The homeowner must repay all delinquent taxes within three years. If the taxes aren't paid by this date, the county could sell the property.

Delinquent properties are sold in tax sales, which are known as "Buyer Beware" sales. Investors will have the opportunity to bid for these properties in public auctions. The investor with the winning bid must also pay the delinquent taxes to gain ownership of the home. Keep in mind that this sale typically occurs in the second week of June.