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
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
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 $60 to as high as $119.80 per thousand Assessed Value and can change from year to 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 in October 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
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.