blog header

Tax News

Paying property taxes in Oklahoma 

Land owners in Oklahoma must pay property taxes annually to their county governments, but what if you do not pay or cannot pay the liability? 

The consequences for not paying property taxes are severe but simple. If you fail to pay, the county can auction off your property in the June re-sale after four years of delinquent taxes. Falling behind exasperates the amount owed through penalties incurred each month, but by state law, county governments can only offer one payment plan. 

Residents can make property taxes in two payments to prevent delinquency on any tax debt over $25.  Oklahoma statute requires 50 percent paid at end of December and the remaining balance paid by March.  

If a land owner falls four years behind on making property tax payments, on the fourth year they will be required to either pay all four years of unpaid taxes at one time or the oldest tax bill to limit the liability to three years. 

How are property taxes calculated? 

The County Tax Assessor appraises property for fair cash value. Then the property is assessed at a percentage depending on location. Use the following formula to calculate property tax: 

Taxable Market Value multiplied by assessment percent = Assessed valued

Assessed value minus exempt value = net assessed value

Net assessed value multiplied by tax rate per $100 value = Annual tax amount 

Here is an example of how this formula works in Oklahoma City Public School District in Oklahoma County:  

$100,000 (taxable market value) x 11 percent (assessment percent for land) = $11,000

$11,000 (assessed value) – 1,000 (Exempt value) = $10,000 

$10,000 (net assessed value) x .10608 (tax rate based on county mills) = $1,060.8

What do property taxes support?

Ad Valorem taxation supports county governments, in some areas, public school districts and emergency medical services. 

Without the tax, many services such as road maintenance and other local issues would not receive appropriate funding. 

Property Tax Liens 

Within 60 days after April 1, taxpayers will receive a notice informing their taxes are delinquent and subject to interest. The information is sent to a newspaper in general circulation published in the county with the taxpayer’s name, amount due and a statement that without payment taxes will be placed on a personal tax lien docket. 

Only after collecting all due taxes will the County Treasure release the lien. 

The County Treasure can also collect delinquent personal property taxes with a personal property tax warrant that can be issued if necessary. 

The best place to learn more about your property taxes is to call the County Treasurer in your community, who can supply you with information about options if you have delinquent debts. 

At Polston Tax we specialize in helping individuals who owe taxes to the state or IRS. Unlike ad valorem taxes and the county, the IRS and Oklahoma Tax Commission will negotiate payment plans. We help taxpayers get back on track with their tax liability, or stay on track with our accounting and tax prep services. 

For more information, browse our services page and fill out the form for a free and confidential consultation. Or give us a call at 884-841-9857. We're open from 8am-5pm Central.