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.
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.
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.
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).
Current tax represents the amount the present owner pays including exemptions.
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 tax situation.