Newbie investor: Protesting Property Tax in Tulsa OK

[Pablo Suarez]

Hello BP community, 

I purchased my first rental property in Tulsa county in Jan'23. 

I recently received a letter from the tax assessor explaining tax assessed value of the property increased to the purchase price I paid for. 

I had accounted for this in my business plan, so no surprises there. That being said, I'd like to protest to try to decrease my costs a bit. 

I am looking for advice on which strategy should I follow

(For some additional context, I purchased this from a turnkey company, so I probably paid a bit of a premium vs market prices)

1. Looking at Zillow, I can easily find comparable properties in the area that were sold for less - with a bit of cherrypicking I can find examples going for 30-35% less

2. I have evidence of the purchase price the turnkey bought the property for and how much they spent in renovation, so I could try to claim (Previous purchase + renovations) as cost basis and still would save a chunk

3. I could look at nearby properties and their tax value on the County website 

Any advice on which of these 3 options is more likely to succeed? 

Thank you!

[Kathy Portley]

Hi Pablo, 

Lots of people in Tulsa County having the same issues. Lots of protests. Call the County Assessor and ask about the procedures. You only have a very limited time from when you receive the statement to file your protest, so you will want to act fast. Hope it works out well!