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Oklahoma Property Tax

Oklahoma Property Tax is one of the lowest in the country and the state is ranked 47th in this regard, nationally. Moreover, Oklahoma is one of the few states where no statewide property taxes are collected. That is, property taxes in Oklahoma is collected only at local levels, by counties, townships, school districts etc. There are two types of property taxes in Oklahoma, Personal Property Tax and Real Property Tax. The taxes on land and buildings come under the category of real property taxes in the state.

Oklahoma Property Tax Records

Real property in Oklahoma is assessed for taxing purposes by the county assessor, who is also responsible for preparing lists and maintaining Oklahoma Property Tax Records for each parcel of taxable real property within the jurisdiction. You can figure out the real estate taxes for your property by knowing taxable market value of your property, any exemptions, the assessment ratio and the tax rate for your taxing jurisdiction. You can make search through the Oklahoma Property Tax Records to know about the market value of your property. The assessment ratio for real property is 11% throughout the state of Oklahoma.

OK Property Tax Rates

It is not the county assessor who set the Oklahoma Property Tax Rates. The tax rates, which are also called millage levies, are set as per the procedures established by the Oklahoma Property Tax Laws. The Real Estate Tax Rate must also be approved by the voters of the taxing jurisdiction.

Thus, the state has different property tax rate for different counties. Property Taxes in Oklahoma are a major source of revenue for local governments and are used for maintaining schools, libraries, public utilities and many other welfare services. The largest share of OK Property Tax goes into local schools. County government, city bond issues, libraries, vocational-technical schools and city-county health department are the other recipients of property taxes in Oklahoma.

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