It is crucial to understand that the tax on food in Oklahoma is not the same as the regular sales tax rate. Groceries are subject to a 4.5% flat tax in Oklahoma. This implies that the sales tax on $100 worth of groceries in Oklahoma City will only cost you $4.50. People will have access to affordable food options thanks to this lower pricing.
The sales tax rate is 8.75% if you live in zip code 73012, which encompasses a portion of Edmond and Oklahoma City. This rate includes the 4.5% state sales tax, the 0.75 percent Oklahoma County sales tax, the 3.375 percent Oklahoma City sales tax, and an additional 0.12 percent Edmond sales tax.
Jenks and Tulsa, both of which have a combined sales tax rate of 9.517%, are actually tied for having the highest tax rate in Oklahoma. The 4.5% state sales tax, the county sales tax, and the local sales tax are all included in this rate.
Are taxes in Oklahoma excessive? Oklahoma City’s sales tax may seem hefty, yet the state does not levy a state income tax. This indicates that Oklahomans are exempt from paying the state a portion of their income. In addition, compared to other US states, Oklahoma has a comparatively low property tax rate.
In conclusion, Oklahoma City, OK’s sales tax rate will be 8.625% as of January 1, 2021. The sales tax in zip code 73012 is 8.75%, whereas the rate on groceries is a lower 4.5%. Oklahoma doesn’t have a state income tax and has a comparatively low property tax rate, even though Jenks and Tulsa have the highest tax rates in the state.
Within a state, property tax rates can differ significantly and are influenced by a variety of elements, including location, property valuation, and municipal tax laws. As a result, it is challenging to compare the rates of Oklahoma’s and Texas’ property taxes generally. However, as of 2021, Texas had a higher median property tax rate than Oklahoma, according to data from the Tax Foundation. The median property tax rate in Texas is 1.69%, compared to 0.87% in Oklahoma.