28 October 2007
Expanding the pound of flesh
The new property-tax rate for my particular section of Oklahoma County is 110.42 mills, up from 109.81 last year, an increase of 0.56 percent. The rate has been wobbling around the 110 level for most of a decade, peaking at 113.33 in 2002. (The folks stuck with the highest rate in the county are those whose property lies in both Oklahoma City limits and the Piedmont school district: they will pay 129.44.)
This rate is reported as $110.42 per thousand of assessed value, which in this state is 11 percent of taxable market value. Zillow.com says the median home in my ZIP code is worth $96,967; a house worth that much would be assessed at 96967 x 0.11 = $10,666, and taxed to the tune of 10666 x 0.11042 = $1177.78, assuming no exemptions. (The most common exemption is the homestead exemption, which applies to those who actually live in the house they own; it knocks $1000 off the assessed value, hence $110.42 off the taxes this year.) Under the state cap law, the taxable market value cannot increase more than 5 percent a year unless the property is sold or substantially altered, and for the second year in a row, I report an increase of a hair over 4.99 percent, and therefore an overall tax increase of about 5.02 percent.
Side note: Two weeks ago I projected a tax bill of "$872 or so"; it will in fact be $876.07.Posted at 8:30 PM to Soonerland