Although becoming a homeowner is a big accomplishment, there are additional financial obligations that come with it. One such requirement that homeowners in Bartlesville, Oklahoma, need to be aware of is property taxes. This tutorial will demystify property taxes and explain how they affect Bartlesville home ownership.
What Are Property Taxes?
Local governments’ main source of income comes from property taxes. They are calculated based on the value of your property and are used to pay for public amenities like infrastructure, public safety, and schools.
How Property Taxes Are Calculated in Bartlesville
In Bartlesville, property taxes are calculated using the following formula:
Tax = (Assessed Value x Mill Levy) / 1,000
Assessed Value: The local assessor’s office determines the assessed value of your property. Typically, it represents a portion of the home’s fair market value.
The tax rate that is applied to the assessed value is known as the Mill Levy. The unit of measurement is “mills,” where one mill is equivalent to one-tenth of a penny. Several taxing bodies, including the city, county, school district, and others, determine the mill levy.
Understanding Homestead Exemptions
Homeowners who qualify may receive a homestead exemption in Bartlesville. This exemption lowers the primary residence’s assessed value for property tax purposes, which eventually lowers your property tax bill. You must fulfill certain requirements, such as residing on the property, in order to be eligible for the homestead exemption.
Paying Property Taxes
Property taxes in Bartlesville are normally payable by December 31 of each year. If you have a mortgage, your lender may include the payment of your property taxes in the total amount due each month and make the payment on your behalf.
The Impact on Homeownership
Property taxes are a vital consideration for homeowners. They affect your overall housing costs and can change depending on things like where your house is located and the local tax rates. Knowing your property taxes is crucial for financial planning and budgeting as a homeowner.
Appealing Property Tax Assessments
If you believe your property has been overvalued, you have the right to appeal the assessment. To begin, get in touch with your local assessor’s office. It’s critical to back up your assertion with evidence.
In Bartlesville, Oklahoma, paying property taxes is an essential part of being a homeowner. You can negotiate this part of house ownership by being aware of how they are determined, how they will affect your budget, and whether or not there are any exemptions or appeals available. As a homeowner in Bartlesville, it is vital to be informed about changes in local tax rates and exemptions so that you can make well-informed financial decisions.