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The maximum property tax rate in Oklahoma is 20 mills, which is equal to 2% of a property’s assessed value. However, the actual property tax rate for each individual property may vary depending on the specific county and school district in which it is located. 3.
68 O.S. 2011, § 2845 Assessment of unassessed real estate .....93 68 O.S. 2011, § 2846 Undervalued and underassessed property – Reassessment .....94 68 O.S. 2011, § 2847 Property of railroads, air carriers and public service corporations – Valuation
- Definition of A Property Tax
- Review of The Property Taxation Process
- Purpose of Property Taxation
- Ad Valorem Tax Levies
- County Government Levies
- Solid Waste Management District
- City Government Levies
- Municipal Public Utilities
- Common School District Levies
- Area (Technology Center) School District Levies
Property taxes are authorized by the Oklahoma Constitution. Both the use of a property tax and the number of mills levied are described in Article 10 of the Oklahoma Constitution as an ad valorem tax. Thus, the terms “property tax” and “ad valorem tax” are used interchangeably in Oklahoma. Ad valorem is a Latin phrase meaning “according to value.”...
Property taxation is carried out in three steps. First, the fair cash value of the property is determined. Oklahoma bases its property tax on how the property is used; therefore the fair cash value is the market value of the property in its current use. In this context, fair cash value and use value are synonymous. Secondly, the property’s assessed...
Ad valorem taxation generates revenues to support public services and projects provided by the various units of local government. The amount of revenue generated from ad valorem taxation is based on the local government’s taxable valuation and the number of mills levied for its use. Total net assessed valuation of a public entity is the taxable val...
For all ad valorem taxes, the county excise board sets the levies within the levels authorized by law. For a sinking fund the levy cannot exceed the level needed for servicing the debt. The levies are set in number of mills and certified to the county assessor who computes the property taxes and prepares a tax roll. The tax roll shows the amount o...
County General Fund
Up to 15 mills is guaranteed without a vote of the people. No less than 5 mills from the amount levied must be allocated to the common school districts within the county. The remaining 10 mills is apportioned by the county excise board. For decades now, county governments have received the remaining 10 mills. Although cities and towns within the county may also receive a portion of the 10 mills available to the county, this seldom occurs due to the needs of county government. So, in practice,...
County Building Fund
A county may raise funds to erect new buildings or remodel old ones by levying up to five (5) mills on the taxable property in the whole county. The building fund and the number of mills levied must be approved by a majority of the voters in the county in a county-wide election. Once the levy is approved, a county building fund is created as a depository for the revenues that are collected from the annual ad valorem tax. The revenues need not be spent in the year they are received.
County Department of Health
Up to two and one-half (2 1/2) mills can be levied annually to maintain a County Department of Health. The number of mills must be approved by a majority of the voters in a county-wide election. A local department of health may be maintained jointly with a city or with another county. Other revenues in addition to the ad valorem tax may be used to finance the county department of health.
Solid waste management services can be provided through an ad valorem tax. The formation of the district and the number of mills levied must be approved by the voters in a county-wide election. Up to three (3) mills can be levied for operations and maintenance. Bonds may be issued to acquire revenue to purchase a site, vehicles and other equipment,...
City Building Fund
A city or incorporated town, in the same manner as a county, may raise funds to erect new public buildings or renovate old ones by levying up to five (5) mills on the taxable property in the city. The building fund and the number of mills levied must be approved by a majority of the voters in a city-wide election. Once the levy is approved, a city building fund is created as a depository for the ad valorem tax revenues collected from the annual levy. The revenues need not be spent in the year...
City Hospital
Up to five (5) mills can be levied to operate and maintain a hospital owned by a city. The number of mills must be approved by the voters in a city-wide election. The millage can be increased following voter approval at a subsequent election, but cannot exceed five (5) mills. The tax is levied on all the ad valorem taxed property within the city limits.
City Industrial Development Fund
Cities in the same manner as counties are allowed to support industrial development by selling general obligation limited tax bonds. Up to (5) mills can be levied each year for the annual interest payments and sinking fund deposits. In any year, the city may suspend the levy if sufficient revenue is available from the industrial development project to service the debt. Both the industrial development project and the amount of the bond must be approved at a city-wide election by a majority of...
Bonded indebtedness can be incurred by a city or incorporated town to purchase, construct or repair a public utility. An ad valorem tax for this purpose and the amount of the bond must be approved by a majority of the voters in an election held throughout the city or incorporated town. The amount of the annual levy must be sufficient to cover the ...
County Apportioned School Levy
Five (5) mills of the 15 mills a county can levy without special provisions must be apportioned to the common school districts within the county. The levy is sometimes called the county apportioned school levy.
Guaranteed Levy
An additional four (4) mills is guaranteed for all school districts. This ad valorem tax is referred to as the school district guaranteed levy. The four mills are levied county-wide and are apportioned by average daily attendance within a school district. When a school district crosses county lines, the revenues collected from the levy are turned over to the county treasurer in the county with the greatest portion of the student population.
Board of Education Levy
The board of education can certify a 15 mill levy on all the taxable property in the school district. Revenue from the board of education levy is used to benefit all the schools within the school district.
A Technical Center School District can be formed following voter approval in an election held throughout the proposed district. There are several taxes which can be levied to support the area school district. Administrative control of an area technical and vocational school district is vested in the area school board. For an area technical school ...
OKLAHOMA TAX COMMISSION . AD VALOREM DIVISION . Revised: January 20 20 . The limitation is valid on the property as long as the property is not improved, transferred, or sold. • If title is transferred, changed, or conveyed to another person, the senior valuation limitation will expire. The assessor is then required to value the property at its
equalization sustaining a valuation of real or personal property with a fair cash value as determined by the county assessor in excess of $3 million, as authorized by 68 O.S. § 2880.1, for which a scheduling conference will be required within 20 days of the answer filed by the county assessor. Also, taxpayers and county
Property taxes in Oklahoma represent approximately 1% of the market value of the property. For example a $100,000 home would result in a $1,000 property tax bill. Tax amounts can vary depending upon the property’s associations with various cities, school districts, or fire protection districts.
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Jan 26, 2015 · Oklahoma’s per person property taxes are among the very lowest in the nation and less than half the national average. Property taxes are based on a property’s value, its assessment ratio, and the millage levy. Property valuation is determined by county assessors. The assessed value cannot be increased by more than 3 percent in any year ...
