How Much Are Property Taxes in Oklahoma City?
When budgeting for a home in Oklahoma City, most buyers focus on the purchase price, mortgage rates, and insurance. But one often-overlooked cost is property taxes. For sellers, understanding taxes is just as important, since buyers factor them into affordability. So how much are property taxes in Oklahoma City, and what do homeowners really need to know?
What is the average property tax rate in Oklahoma City?
Property taxes in Oklahoma are among the lowest in the United States. In Oklahoma County, which includes much of Oklahoma City, the average effective property tax rate is about 0.87% of a home’s assessed value. That means if your home is valued at $250,000, you can expect to pay roughly $2,175 annually in property taxes.
Compared to the national average of around 1.1% and much higher rates in states like Texas (1.7%) or New Jersey (over 2%), Oklahoma’s property tax bills are relatively affordable. This low tax burden is one reason many people find Oklahoma City appealing for long-term homeownership.
How are property taxes calculated in Oklahoma City?
Understanding how property taxes are figured helps both buyers and sellers plan ahead. Taxes are determined using three main factors:
Assessed value – A percentage of your home’s market value, usually set at 11% of fair market value in Oklahoma.
Millage rate – Local tax rates that fund schools, fire departments, libraries, and other community services.
Special assessments – Additional charges for things like local improvement projects.
Because millage rates vary across neighborhoods, two homes with the same value could have slightly different tax bills depending on location. This is why consulting a neighborhood guide (that’s us!) can be helpful for buyers weighing their options.
Do property taxes in Oklahoma City increase every year?
Yes, but usually at a modest pace. Oklahoma law limits how much a home’s assessed value can increase annually:
Homestead properties (owner-occupied homes) can only rise by up to 3% per year.
Non-homestead properties (like rentals or second homes) can increase by up to 5% annually.
This protection helps keep taxes predictable and prevents sudden, steep increases that can surprise homeowners.
How do Oklahoma City property taxes compare to other costs of living?
Oklahoma City consistently ranks as one of the most affordable metros in the U.S. Thanks to lower property taxes, everyday costs like utilities, groceries, and transportation, homeowners find they can stretch their budgets further.
For buyers relocating from out of state, this often means trading high taxes and smaller homes for larger properties and lower monthly expenses. For sellers, it means Oklahoma City homes remain attractive to a wider pool of buyers who want long-term affordability.
What property tax exemptions are available in Oklahoma City?
Homeowners may qualify for property tax exemptions that can lower their annual bill:
Homestead exemption – Reduces the taxable value of an owner-occupied primary residence by $1,000.
Senior freeze – Qualifying homeowners age 65+ with certain income limits can “freeze” the taxable value of their home.
Veterans’ exemption – Full property tax exemptions are available to 100% disabled veterans and their surviving spouses.
These exemptions can make a meaningful difference and are worth exploring if you’re planning to stay in your home long-term.
What should buyers and sellers take away about property taxes in OKC?
Buyers – Factor property taxes into your budget when using a mortgage calculator. Even though Oklahoma taxes are low, they still impact your monthly payment.
Sellers – Be ready to share accurate tax information with potential buyers. Transparency builds trust and helps buyers understand the full cost of ownership.
You can also explore a market update page or use a home valuation tool to see how your property value—and taxes—might change over time.
Final Thoughts
So, how much are property taxes in Oklahoma City? The answer is: lower than much of the country, and predictable enough to plan for year after year. While they vary slightly by neighborhood and home value, Oklahoma’s system keeps them relatively manageable compared to other states.
That leaves homeowners and future buyers with a bigger question: If Oklahoma City offers affordability not just in home prices but in taxes too, how might that shape your decision to buy or sell here?
If you’re selling a house or looking to buy a house in Oklahoma City, the Justiz League Real Estate Team is here to help. Our team understands the unique neighborhoods, price trends, and market shifts that shape real estate decisions across the metro. For sellers, that means accurate pricing strategies and guidance on how to maximize your home’s value. For buyers, it means access to up-to-date market insights, neighborhood knowledge, and the confidence to find the right home at the right price. Whether it’s your first move or your fifth, the Justiz League brings a combination of experience, local expertise, and personalized service to make the process smoother and more successful.
