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- Oklahoma state tax is a plus for many homeowners since median property tax bills are far below the national average. And with income tax rates that max out at 4.75%, higher earners might won't pay as much as they would in many other states. However, not all taxes in Oklahoma are as affordable.
www.kiplinger.com/state-by-state-guide-taxes/oklahoma
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Aug 15, 2024 · Is Oklahoma a tax-friendly state? The state boasts a low income tax rate with considerable deductions available for retirement income, including partial exemptions on Social Security benefits. While it has a relatively high sales tax rate, the property taxes are quite low.
Oklahoma has a graduated state individual income tax, with rates ranging from 0.25 percent to 4.75 percent. Oklahoma has a 4.0 percent corporate income tax rate. Oklahoma also has a 4.50 percent state sales tax rate and an average combined state and local sales tax rate of 8.99 percent.
- Addressing The Pros and Cons of Moving to Oklahoma
- Is Oklahoma A Good Place to Live?
- Pros and Cons of Living in Oklahoma: Head-To-Head Comparison
- Pros of Living in Oklahoma
- Cons of Living in Oklahoma
- Is Oklahoma A Good Place to Live? – Pros and Cons Wrap-Up
Is Oklahoma a good place to live? I will address the question head-on ANDdive deep into the pros and cons of Oklahoma living. Let’s jump right into today’s topic.
Oklahoma’s budget-friendly mid-sized cities and small towns, favorable economy, and fun recreational options make the state an excellent place to live. According to Oklahoma.gov, the scenic beauty, moderate climate, rich culture, and world-class sports make Oklahoma an exceptional place to live and do business. Furthermore, quality health care, top...
Next, let’s dive deep into all 19 above-listed pros and cons of living in Oklahoma. Disclosure: At no cost to you, I may get commissions for purchases made through links in this post.
1. In Oklahoma, Home Ownership Is More Affordable
Oklahoma is one of the best states for a low cost of living. For example, Oklahoma’s median home value is almost half the median-priced home in the United States. Thus, homes are very affordable. Source: Redfin housing market insights and U.S. Federal Reserve housing data.
2. Cost Of Renting Is Favorable When Living In Oklahoma
Oklahoma is an affordable place to live for renters. The state has one of the country’s top 10 lowest average rents. Source: World Population Review Here’s another good reason to live in Oklahoma…
3. Other Oklahoma Living Costs Are Moderate
Oklahoma’s other living costs are also favorable if you are on a tight budget. Food, utilities, and transportation expenses are well below average versus the rest of the U.S. Costs are similar to Oklahoma’s neighboring state to the northeast, Missouri. Pro tip: Save on all your online purchases by using the money-back app from Rakuten.
11. Moving To Oklahoma Means Extreme Weather Conditions
Oklahoma summers are hot. So, you will need to figure out how to beat the heat. Temperatures routinely climb into the 90s. At the same time, 100+ degree readings on the thermometer are common. The spring season also brings plenty of rainfall. Thus, flooding in some regions of the state is always possible.
12. Tornados Pose A Risk For Oklahomans
Oklahoma’s tornado season is an annual threat. Like its neighboring state to the North, Kansas, Oklahoma resides in Tornado Alley. Some years, as many as 100 of these storms are recorded. April and May are the most active months. As a result, make sure you have solid property insurance. Most importantly, be ready to move to a safe location immediately after relocating to Oklahoma.
13. You Might Get Tired Of The Dull Oklahoma Landscape
Oklahoma’s landscape is monotonous. The most significant geographic regions are rolling plains and prairie. The land can be beautiful but will get dull if you prefer more variety. Furthermore, the state is landlocked. So, you won’t find any ocean beaches to enjoy. Oklahoma’s landscape is similar to Iowa’s. Iowa has an abundance of gently rolling hills or flat plains for those familiar with or who live in “the Hawkeye State.” In fairness, Oklahoma has some smaller mountains. However, they are...
Oklahoma is a good place to live but is often overlooked because of its low-key nature and lack of big cities. However, the state has plenty to offer, as you can see from today’s pros and cons. Best of luck, no matter where you choose to settle down.
Mar 14, 2023 · According to Zillow, the average housing price in Oklahoma is only $167.450. Compared to the average housing price in the US of $325,667, housing in Oklahoma seems several levels cheaper. Affordable housing is an essential factor that keeps the cost of living in Oklahoma on the lower bar.
- David Bolton
Oct 12, 2023 · Oklahoma has a graduated state individual income tax rate ranging from 0.25 percent to 4.75 percent. Oklahoma tax on retirement income : Social Security benefits, Military pensions and...
Oct 4, 2024 · On top of your state income tax, residents of Oklahoma must also pay federal tax. As of 2024, there are seven different federal income tax brackets ranging from 10% to 37%. Oklahoma also has a 4.00% corporate income tax rate.
After two rate cuts of a quarter of a percentage point, Oklahoma’s top income tax rate was 5 percent in 2021. Among states that levy an income tax, Oklahoma currently has the 9th lowest state income tax in the country.
