Are you thinking about moving to Oklahoma City? When considering a move to a new area, it is always important to look at the property tax level for that particular region. Why? This figure greatly affects whether or not a place is really as affordable to live as you first thought.
Learn more about Oklahoma City property tax rates and how they compare to other major cities in the region.
Oklahoma City Tax Rates
Before you can really compare Oklahoma City’s tax rates to other cities, it is important to first understand what they are.
Property taxes for this area are handled by the Oklahoma County assessor and are divided depending on what school district a home is located. The median average for all areas in the state is a median figure of 0.86 percent, with the county’s figures coming in on the high end of this data.
It is also important to note that any suburbs that aren’t located within Oklahoma County are not subject to the same rates as those who live within the actual city limits. Rather, the local assessor for that county will decide what the actual property tax calculation entails. However, for the most part, these figures tend to run comparable to the figures for Oklahoma County.
Oklahoma City vs. Dallas and Houston
With common ties in the oil industry, Houston is almost like a sister city to Oklahoma City. Likewise, Dallas is one of the biggest metropolitan areas in the country. Again, rates here are higher due to a lack of state or local income tax.
That said, the property tax rates in this area are considerably higher than in Oklahoma to a median rate of approximately 1.90 percent. In fact, Texans pay some of the highest rates in the country. The reason for this is that Texas does not charge state or local income tax. Thus, jurisdictions have to make up their funding in a different manner.
Oklahoma City vs. Kansas City
Located only a few hours away, Kansas City is another community enjoying expansive growth due to a low cost of living. The interesting thing about Kansas City is that it actually lies on the border of two states—Kansas and Missouri. Thus, homeowners have to make a choice as to which side of State Line Road they want to live on to enjoy the best tax and real estate benefits.
Both states have a median property tax value higher thank Oklahoma. Kansas is at 1.39 percent, and Missouri falls in at 1.02 percent.
Oklahoma City vs. Chicago
Chicago is another major metropolitan area that many escape to enjoy a lower cost of living in Oklahoma. While the area is lovely, the property tax rates aren’t nearly as enjoyable.
At a median figure of 2.32 percent, Illinois has one of the highest property tax rates in the country. In fact, several media outlets covered the substantial figure in 2014, as shocked residents why they were paying so much in contrast to other populous areas of the United States.
Oklahoma City vs. Los Angeles, San Diego, and San Francisco
At a median rate of 0.81 percent, property tax values are lower in California than in Oklahoma. This is a huge surprise to many, who would automatically assume that figures for cities such as Los Angeles, San Diego, and San Francisco would be much higher.
However, this is kind of an illusion. Property values on the West Coast are greatly inflated due to years of heavy demand. A home that may only cost $170,000 in Oklahoma City could be worth well over a million dollars in California. This means that, while it looks like your property tax rate is lower, you’re still paying out more for a comparable piece of property.
Oklahoma City vs. Atlanta
Another growing metropolitan area is Atlanta. This major city in Georgia is larger than Oklahoma City, but still comparable in a lot of ways, including real estate trends. Property taxes in this state have a median figure of 0.95 percent. This is pretty on par with Oklahoma, even though the amount is slightly higher.
Oklahoma City vs. New York
One of the most expensive states for purchasing real estate is New York. While most people aren’t surprised by this tidbit at all, the idea that the median amount for property tax is double what it is in Oklahoma isn’t too far off common thinking. The median property tax rate in New York is 1.64 percent and includes all upstate communities in addition to the major metropolis of NYC.
Oklahoma City vs. New Jersey
At a median figure of 2.38 percent, New Jersey has the highest median property tax rate in the entire country. This number isn’t anywhere close to the Oklahoma figure and probably will never be.
One of the reasons why the number is so high is New Jersey’s small area size and high population. In addition, the state borders two major metropolitan areas—New York and Philadelphia—which account to its higher tax percentage and increased property values.
Oklahoma City vs. Hawaii
They say things slow down when you are on Hawaii time—and apparently they meant the median tax price, too. Residents here enjoy the lowest rate in the nation at 0.28 percent.
If you’re ready to start looking for your dream home in Oklahoma City, Movoto can help. Our easy-to-use website features property details, sales statistics, demographics, crime reports, and even more valuable information.
2 Point Highlight
Property taxes for this area are handled by the Oklahoma County assessor and are divided depending on what school district a home is located.
The median average for all areas in the state is a median figure of 0.86 percent, with the county’s figures coming in on the high end of this data.
