How to Calculate Your Taxes and Who to Call

Property Value (County assessor and local CBOE set values)

x Assessment %

=Assessed Value

-Exempt Value

=Taxable Value or Net Assessed Value

x Rate per $1000 Value. Taxing unit s governing body sets tax levy.

=Tax Amount

 Payments should be made to your county treasurer.

What if you do not pay your taxes?

The longer you allow your delinquent property taxes to go unpaid, the more expensive and risky it becomes for you.

 You have penalty and interest charges added to your taxes.   

Regular penalty charges may be as high as 18 percent,depending on how long the tax remains unpaid. Interest is charged at the rate of 1.5 percent per month. There is no maximum amount of interest.

 You get delinquent tax notices.

The county treasurer sends at least one notice that taxes are delinquent.The treasurer may send additional notices and warnings.

 Your property can be sold at a tax sale.

Failure to pay your property taxes can result in the loss of your property.The county treasurer may begin proceedings to sell it at a tax sale unless taxes are paidin full.

 You may have problems selling your property.

Each taxing unit holds a tax lien on each item of taxable property.This tax lien gives the county the power to foreclose on the lien and attach the property,even if its ownership has changed.The property will then be auctioned,and the proceedsused to pay the taxes. As a result of the tax lien,someone who purchases real estate cannot get a clear title until all the delinquent taxes owed on the property are paid in full. If you are buying a portion of a larger parcel of land,check the taxes on the larger parcel.You will not be able to clear a tax lien against your part unless taxes on the whole are paid.

How to Get More Information

If this  does not answer all your questions about property taxes, your local officials can. The county assessor can answer questions about property values,exemption,and protest to the CBOE.Your county treasurer can answer questions about tax rates and tax bills.In addition,property tax records are open to the public,including all the appraised values,exemption applications and tax bills.

Disclaimer:
This information  is intended to give the taxpayer a brief overview of the ad valorem tax process. It is based on statutory requirements and procedures. For more specific information, refer to the Oklahoma Statutes. This document is for informational reference purposes only, not legal reference.

AD VALOREM TAX DIVISION

Oklahoma Tax Commission

(405)521-3178

1(800)522-8165

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