Payne County, OK Property Tax Search
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In-depth Payne County, OK Property Tax Information
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Property Tax Calculation
Section X of the Oklahoma's State Constitution represents the main legal document regarding taxation in the State of Oklahoma. Property taxes are determined at local levels, being used for schools, fire and police protection, and other public services and benefits.
Payne County Assessor determines the market value for all taxable real property in the county. Market value has been defined by The Supreme Court as the sale price of real estate as agreed upon between a willing buyer and willing seller, with neither being under duress to buy or sell.
| Land value | $24,000 | ||||||
| Building value | + | $72,630 | |||||
| Market value | = | $96,630 | |||||
Taxable Market Value
The 5% value limitation results from the application of State Question 676, passed in 1996. The limitation acts as a "phase-in" tool to hold back substantial increases when there is a strong demand in the real estate market causing rapid increases in property values. The fair cash value would not increase by more than 5% in any taxable year.
| Taxable land value | $18,606 | ||||||
| Taxable building value | + | $56,303 | |||||
| Taxable market value (capped) | = | $74,909 | |||||
Assessed Value
Payne County Assessor is also responsible for establishing the assessed value of properties. Assessed value is calculated by multiplying taxable market value with assessment ratio. Real property shall not be assessed for ad valorem taxation at a value less than 10% nor greater than 15% of its fair cash value.The assessment process takes place every year.
| Land assessed value | $2,121 | ||||||
| Building assessed value | + | $6,418 | |||||
| Assessed value | = | $8,539 | |||||
Exemptions and Taxable Value
Taxable value represents the assessed value less any tax exemptions that apply. Several exemptions are available in Payne County, which may lower the property's tax bill.
| Assessed value | $8,539 | ||||||
| Exemption amount | - | $1,000 | |||||
| Taxable value | = | $7,539 | |||||
Property Tax
Base tax is calculated by multiplying the property's net assessed value by the total tax rates applicable to it and is an estimate of what an owner not benefiting from any exemptions would pay. The rates are expressed as millages (i.e the actual rates multiplied by 1000).
| Tax description | Assessed value | Millage rate | Tax amount | ||
|---|---|---|---|---|---|
| Base tax | $8,539 | x | 109.2700 | = | $933 |
Current tax represents the amount the present owner pays including exemptions.
| Tax description | Taxable value | Millage rate | Tax amount | ||
|---|---|---|---|---|---|
| Current tax | $7,539 | x | 109.2700 | = | $824 |
Actual taxes might differ from the figures displayed here due to various abatement and financial assistance programs. For more information please visit the web pages of Payne County's Assessor, Treasurer or look up property's current valuation and tax situation.
Payne County Stats for Property Taxes
Looking for more property tax statistics in your area? Instantly view essential data points on Payne County, as well as OK effective tax rates, median real estate taxes paid, home values, income levels and even homeownership rates.
Effective tax rate (%)
0.95% of Assessed Home Value
0.9% of Assessed Home Value
1.1% of Assessed Home Value
Median real estate taxes paid
$1,631
$1,351
$2,690
Median home value
$172,200
$150,800
$244,900
Median income
$43,686
$56,956
$69,021
Owner occupied housing (%)
52.7%
66.1%
64.6%
Renter occupied housing (%)
47.3%
33.9%
35.4%
Frequently Asked Questions on Property Taxes
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