Free property tax calculator tailored for Oklahoma (OK). Calculate instantly with state-specific rates and rules.
Oklahoma has an effective property tax rate of 0.87%, producing an average annual bill of $1,257. The US national average is 1.07% — Oklahoma's rate is below the national average, placing it at rank #22 out of 50 states (rank 1 = lowest).
Oklahoma assesses residential property at 11% of fair cash value. Fair cash value is the estimated market value. County assessors update values annually, though full market analysis occurs on a 4-year cycle.
The Homestead Exemption provides a $1,000 reduction in taxable value for primary residences. Additional exemptions are available for seniors, disabled, and veterans. The Additional Homestead Exemption (for income-qualified homeowners) adds another $1,000.
Annual assessment increases for homestead properties are capped at 3%, providing significant protection in appreciating markets like Oklahoma City and Tulsa.
Oklahoma's low assessment ratio (11%), combined with the 3% cap and modest millage rates, produces one of the lowest effective property tax rates in the South Central region. Oklahoma City has become an attractive market for in-state and out-of-state investors.
The median home value in Oklahoma is $200,000. Oklahoma City and Tulsa are affordable by national standards. Energy sector employment drives cycles of growth and stability in the state's major markets. At the 0.87% effective rate, a homeowner at the median value pays roughly $1,257/year in property taxes.
Data: Tax Foundation (2024), US Census Bureau ACS 2023, Zillow, ATTOM Data Solutions. Updated 2024–2025. Figures reflect state averages — consult a licensed professional for personalized advice.
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