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Property Tax Question in OK
Hi there,
I am from Texas and looking at some investment properties in Southern OK, right across the TX border. My question is about the property taxes, the home is listed for $234,000. The listing shows the property taxes at $375 a year, which I could not believe so I looked it up on the county website. It is accurate, however, the value is assessed oddly. Property $671, Improvements $5,028, minus $1,000 exemption with net assessment of $4,699.00 Milage Rate of 0.0794700, hence the $373 bill... If I purchase at close to $234K and let's say they use that new assessed value, then the taxes would be $18,595 the following year... Am I thinking about this correctly? Any ideas on why it is assessed so low, this is not the only house I have seen this way in this area, perhaps I am missing something, hoping someone has some OK experience and can help me out. Thanks everyone