How To Figure Your Oklahoma Property Tax
By Adam Knapp. Oklahoma City Expert
Adam, born and raised in Oklahoma, has been the About.com Guide to Oklahoma City since 2005.
Property tax rates in Oklahoma differ depending on several factors, including the county, school district, home value and more, so it's not always easy to figure your property taxes. Here is a brief how-to that will explain some important property tax terms as well as help you figure the property tax rates for a home in Oklahoma.
- Other Important Terms - Other important terms relative to the calculation of property tax in Oklahoma include:
- Tax Rate (per $1000 Value). Based on rules established in the state Constitution, property tax rates differ in every area of the state, even significantly within one county.
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- Gather Your Information - Now that you understand the terminology, it's time to gather the necessary information for calculating your property tax. If you don't already have it from your tax papers, the taxable property value is available through your County Assessor. For Oklahoma County, you obtain your property's value through an online search .
Taxable Market Value x Assessment % (11% for land and buildings or 13.75% for personal property such as business inventory or manufactured homes) = Assessed Value
Assessed Value - Exempt Value = Net Assessed ValueNet Assessed Value x Tax Rate per $1000 Value = Annual Tax Amount
$150,000 x 11% = 16,500
16,500 - 1000 = 15,50015,500 x 106.08 = 1644.24
- Contact your County Assessor's office for information on homestead exemption application. As long as your place of residence does not change, you do not have to apply for a homestead exemption each year after the first.
- In order to qualify for an additional $1000 homestead exemption, you must have a gross household income below $20,000 and meet basic homestead exemption requirements. To apply, contact your County Assessor's office for Form 994.
- If your gross household income is $12,000 or less and you are at least 65 years of age OR totally disabled, you may be eligible for a property tax refund. Application is made on Form 538-H which can be downloaded from the Oklahoma Tax Commission. A refund may not exceed $200.00
- An exemption in the full amount of the home value is available for individuals that are (1)Veterans honorably discharged from a branch of the Armed Forces or the Oklahoma National Guard, (2) Oklahoma residents and (3) have a 100% permanent disability sustained through military action or accident, or result from a disease contracted while in active service. The veteran would have to meet all other homestead requirements, and the disability would have to be certified by U.S. Department of Veterans Affairs. The exemption is also available to surviving spouses of veterans.
- For more information or to inquire about any of the above, contact your County Assessor's Office. A directory by county is available online from the Oklahoma Tax Commission.