Oklahoma Property Values, Propery Taxes — Home Value Appraisals — Draw Floor, Building & Landscaping Plans — Mortgage Refinance Rates
Home Value Appraisals, Property Tax Appeals
Oklahoma Property Taxes Home Property Valuation Oklhoma Property Tax Appeal and House Appraisal tutorial for home value appraisals and how to establish the market value of residential property and pursue a winning property tax appeal. No official is going to tell you if you are paying too much in property taxes . The upside is that this book works. You look and apply what pertains to you. It lets you figure out what the adjustment values really are - - and the best part is you get to roll over the lower home assessment year after year.
Oklahoma Home Property Valuation click Oklahoma Home Property Valuation for more information.
Tax rates or millage levies are set by procedures established in the Oklahoma Constitution or voted directly by the taxpayers. Rates are not set by the County Assessor. There are over 75 different rates in Oklahoma County and those vary across the county depending on which school district, city limit and vocational-technical school district the property is located.
Home Property Valuation Exemptions
• Homestead Exemption - is an exemption of $1,000 of the assessed valuation. This can be a savings of $75 to$125 depending on which area of the county you are located .
• If you are head of household and qualify for homestead exemption, you may also qualify for additional homestead. You may receive an additional $1,000 assessment exemption if the gross household income from all sources did not exceed $20,000 for the past calendar year.
Senior Citizens Exemption - Anyone who is 65 or older or totally disabled, who is head of household, and a resident of the state of Oklahoma during the previous year and whose gross household income does not exceed 12,000 is qualified for this program.
SENIOR VALUATION FREEZE
• Head-of-household (as defined below) must be age 65 or older prior to January 1, 2005.
• Head-of-household must be an owner of and occupy the Homestead property on January 1, 2005 .
• Gross household income cannot exceed $52,100 for the preceding calendar year. This amount is derived from the HUD map below and varies from county to county.
• An application for Senior Valuation Freeze must be filed between January 1 and March 15th. The freeze will take affect for the taxable year in which the application is made and approved. No annual application is required. The property value will be frozen at the taxable value after all increases and adjustments have been made the year application is made, not at the previous years taxable value.
State Income Tax
• Oklahoma has 8 brackets ranging from 0.5% to a high of 6.65%
State Sales Tax
• Oklahoma's sales tax rate is 4.5 percent.(prescription drugs exempt). Cities, towns and counties may levy local sales taxes. The county tax cannot exceed 2% but some cities have sales taxes over 4.25%. Gasoline Tax: 16 cents/gallon
• The top five states where the tax burden as a percent of income is the highest are: Maine (13.0%), New York (12.0%), Hawaii (11.5%), Rhode Island (11.5%), and Wisconsin (11.4%). The United States average is 10.1%. The District of Columbia is 12.2%.
• The five states with the lowest tax burden as a percent of income are: Alaska (6.4%) 50th, New Hampshire (7.4%) 49th, Delaware (8.0%) 48th, Tennessee (8.3%) 47th, and Alabama (8.7%) 46th. See effective state tax burden table
