How property tax is figured

What is the Assessed Value?

In Canadian County, the County Assessor places your property on the assessment rolls as close as possible to 100% of Fair Cash Value. Under the Oklahoma Constitution, however, taxes cannot be levied against more than 13.5% of the fair cash value. This is called a "fractional assessment system." The State Constitution states that real property shall not be assessed at a value less than 11% nor greater than 13.5% of its Fair Cash Value. This percentage or Assessment Ratio cannot be increased except upon approval by a majority of voters in a county. In Canadian County, the Assessment Ratio is 12%. The Fair Cash Value multiplied by the Assessment Ratio results in the Assessed Value.

How are tax rates set for my property?

Tax rates or millage levies are set by procedures established in the Oklahoma Constitution or voted directly by the taxpayers. Rates are not set by the County Assessor.

There are approximately 50 different tax or millage rates in Canadian County, and those vary across the county depending on the school district, municipality, and technology center district where the property is located. The millage rate is the tax per dollar of Assessed Value of the property. The rate is expressed in "mills," where one mill is one-tenth of a cent ($0.001) or one-thousandth of a dollar. The tax or millage rate levied against a property makes a great deal of difference in the taxes paid. Rates vary in Canadian County from $65.59 to as high as $123.72 per thousand of assessed value in 2017 and can change each year.

How do I figure my tax?

The method for figuring ad valorem taxes requires four steps: you must know the Fair Cash Value of your property, the Assessment Ratio, any exemptions, and the tax or millage rate for your area of the county. The following example is based upon a property that has a Fair Cash Value of $100,000 with homestead exemption and a millage rate of $107.21 per thousand Assessed Value: $100,000 Fair Cash Value

$100,000 x 12% Assessment Ratio = 12,000 Gross Assessed Value

12,000 - 1000 Homestead Exemption = 11,000 Net Assessed Value

11 (thousand) Assessed Value x 107.21 millage rate (one example of many millage rates) = $1,179.31 Taxes


11,000 Assessed Value x .10721 millage rate (one example of many millage rates) = $1,179.31 Taxes

When do I pay my taxes?

The County Treasurer sends out a tax bill at the end of November each year. Taxes may be paid in two installments according to a payment schedule. If exactly one-half is paid by December 31st, then the last half is due by March 31st. If nothing is paid by December 31st, the full amount becomes delinquent January 1st. Questions concerning tax bills can be answered by the County Treasurer.

Where does my property tax money go?

Property taxes are an important source of revenue for local schools, vocational-technical education, libraries, and city and county government. As in most states in the United States, property taxes are the backbone for funding of local government and schools. Oklahoma's property tax with some changes has fulfilled this basic function since statehood.

Generally, local schools receive the largest share of the property tax. Schools are followed by city bond issues, county government, vocational-technical schools, and the county health department.