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- However, not all taxes in Oklahoma are as affordable. For example, lower earners in Oklahoma may pay a higher income tax rate than they would in other states. Also, the state still taxes groceries and other essentials. But at least there are low gas taxes and no death taxes in Oklahoma.
www.kiplinger.com/state-by-state-guide-taxes/oklahoma
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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. Oklahoma has a 0.76 percent effective property tax rate on owner-occupied housing value.
Oct 12, 2023 · However, not all taxes in Oklahoma are as affordable. For example, lower earners in Oklahoma may pay a higher income tax rate than they would in other states.
Oklahoma ‘s tax system ranks 21st overall on the 2025 State Tax Competitiveness Index. In recent years, Oklahoma lawmakers have adopted several structural reforms, including eliminating the income tax’s marriage penalty and repealing a capital stock tax. However, the state’s individual income tax code features six brackets and is not ...
- Average Cost of Living in Oklahoma: $38,650 Per Year
- Housing Costs in Oklahoma
- Utility Costs in Oklahoma
- Groceries & Food
- Transportation
- Health Care
- Child Care
- Taxes
- Miscellaneous Costs
Oklahoma has the third-lowest cost of living in the United States, behind only Kansas and Mississippi, according to MERIC’s 2022 Cost of Living Index . The Bureau of Economic Analysis’ 2021 Personal Consumption Expenditures data shows that the average cost of living in Oklahoma is $38,650 per year, which also happens to be the lowest average total ...
Average Housing Costs in Oklahoma: $659 to $1,387 per month In February 2023, Zillow gave a typical home value in Oklahoma of $183,733. That’s almost half the national median sale price of $359,000 the National Association of Realtors® reported for U.S. homes. Homes in Oklahoma are cheaper than in the rest of the country, and they also fare better ...
Average Utility Costs in Oklahoma: $397 per month Below is a snapshot of the typical monthly utility costs that Oklahoma residents can expect to pay. Actual results will depend on what type of property you own and where it’s located. Sources: U.S. Energy Information Administration, Electric Sales, Revenue, and Average Price, 2021; Inspirecleanenerg...
Average Grocery & Food Costs in Oklahoma: $230 per person, per month Oklahoma actually has the lowest food and beverage costs of any state in the country, according to the Bureau of Economic Analysis’ latest personal consumption expenditures data. Oklahomans pay an average of $230 per month, or $2,756 per year on non-restaurant food and beverages. ...
Average Transportation Costs in Oklahoma: $5,477 to $15,530 per year Oklahoma used to be a thruway for the famed Route 66 when it was still in service; today it remains a popular destination for road warriors from all over. You’ll want to keep an eye on transportation costs if you’re thinking about moving to Oklahoma, especially since its auto insu...
Average Health Care Costs in Oklahoma: $6,878 per person, per year Oklahomans spend an average of $6,878 per year on health care, according to the Bureau of Economic Analysis. Compared with Texas, Arizona, and New Mexico, Oklahoma’s health care costs fall near the middle of the pack. If you’re looking for affordable health insurance in Oklahoma, yo...
Average Child Care Costs in Oklahoma: $739 to $1,318 per child, per month Child care costs take up a healthy chunk of any family’s monthly budget, and the costs can change depending on the age of a child and the setting. Oklahoma families that need help paying for child care can apply for aid through the Oklahoma Department of Human Services . The ...
Highest Marginal Tax Rate in Oklahoma: 4.75% Oklahoma has a progressive income tax, which adjusts your rate based on your income bracket. The highest marginal tax rate in Oklahoma is 4.75% for both single filers who earn over $7,200 and joint filers who earn over $12,200 a year, the Tax Foundation’s State Individual Income Tax Rates and Brackets fo...
Now that we’ve tackled the everyday expenses for living in Oklahoma, let’s take a look at the costs of some of the state’s greatest attractions. • Adult admission to the National Cowboy & Western Heritage Museum in Oklahoma City:$15 • Pair of Western cowboy boots:$95.99 to $1,089.99 • Tickets to the rodeo:$25 to $35 • Ten-gallon hat:$59.99 to $1,02...
Oct 4, 2024 · In 2024, Oklahoma’s top state income tax rate is 4.75%. The statewide sales tax in Oklahoma is 4.50%; however, local areas also impose their own sales taxes, which will raise the overall amount you pay.
Mar 27, 2023 · In 2020, Oklahoma’s total state tax collections were $10.5 billion. Local sales and property taxes totaled $6.7 billion. In all, then, Oklahomans paid $17.2 billion in state and local taxes.
Jan 1, 2024 · Oklahoma has a progressive income tax, with a top marginal rate in the bottom half of all states. Property taxes are also below the national average. Oklahoma’s average sales tax (including both state and local) is among the highest rate in the country.
