Low Tax Burden
How low can you go?
In Oklahoma City, your paycheck simply stretches further. The low tax burden Oklahomans face is a big reason for that. Oklahoma ranks squarely in the bottom third of the United States for taxes as a percentage of income.
And, in OKC, we put our taxes to work: Through several tax-based initiatives through the ‘90s through today, OKC has completed millions of dollars in infrastructure and project-based improvements that have transformed the city and spurred equal or more in economic development.
Here’s how our taxes break down:
- Sales Tax: OKC sales tax varies according to municipality, but it is currently 8.6255 percent in the city of Oklahoma City.
- Property Tax: Oklahoma ranks 47-lowest in property taxes, according to MSN Money. Rates vary by county and area of county, in Oklahoma County assessment ratios vary from 11 percent for real property to 13.75 percent for personal property. Homestead exemptions allow a $1,000 deduction from the assessed value for primary residences. Read more about the Oklahoma’s Homestead Exemption here.
- Personal Income Tax: State income tax levels range from 0.5 percent to 5.5 percent. The highest bracket was recently reduced from 5.5 percent to 5.25 percent in 2011.