Property Tax Question (Edmond, Owasso: property taxes, income, work)

[shadow42]

We are planning to move to Edmond from southern California in early 2008. My question relates to property taxes. Here in CA, there is a cap on how much annually your property taxes can increase....no more than two percent. Your property tax is calculated based upon your purchase price and will increase each yr by 2%. How does it work in OK???

[Goodpasture]

Taxes are based on market value. The exact millage depends on your school district and county. Once you have purchased a home, I believe the tax increase is limited to 5%, but it must be a market based 5%.....it will only increase according to inflation.

[shadow42]

Does that mean that home values are not re-assessed periodically? It is just a max of 5% increase from the baseline tax rate you pay when you purchase the home?

[shariok]

This web site might help answer some of your questions. Oklahoma County Assessor Facts and Questions

I hope this helps! Good luck with your move to OK!

Shari

[peggydavis]

I see that we are 47th in property tax rates. That is one time it is great to be 47th. So, I get from the article that property is reassessed once every 4 years, and that the taxes can go up or down based on the market value. Is that right, Shariok? I always just pay the bill, and it never seems to change much from year to year.

[Synopsis]

Property taxes in Oklahoma are LOW compared to places like where I live. We pay $4,000.00 a year on property taxes alone and we live in a 150K house, which is about an average house here.

[briansgi]

Originally Posted by Synopsis

Property taxes in Oklahoma are LOW compared to places like where I live. We pay $4,000.00 a year on property taxes alone and we live in a 150K house, which is about an average house here.

That sounds high, my house is valued at around $200K and my property tax is around $2300, here in Owasso.

[Synopsis]

Originally Posted by briansgi

That sounds high, my house is valued at around $200K and my property tax is around $2300, here in Owasso.

Ya, I live in Texas. They're several times higher here than in Ok.

[Jammie]

Originally Posted by wizzardproduction

wow yes in over inflated realastate areas like cali and texas you will see those over inflated taxes but not here in oklahoma

my house is assest at 220,000 and plus 42 acres to boot and my total taxes a year is less than 400 a year and people in oklahoma think this is high because most havent seen the over inflated taxes of the money hungry states ever so i see alot of people moving to oklahoma from those states

after all taxes in cali only stop when you turn what is it 65 years old then you cant retire because your paying like 300 to 400 a month in property taxes

you never will feel like you ever own your property once the mortage is paid the property taxes tack over untill ya die lol

Cali is definitely supposed to be high, but one of the reasons that Tx. is so high in their property taxes is because they don't have a state income tax on wages.

[peggydavis]

That is right Jammie. I will take the income tax though because if your income goes down so does your tax. If you are in a high property tax state and your income goes down, your property taxes are still high.