Overall Rating for Middle-Class Families: Not tax-friendly
With a state levy of 4.5 percent could consider themselves “lucky,” but all that luck goes down the drain once they find out that localities can add as much as 7 percent. This translates to an 8.95 percent average combined rate. Still, prescription drugs are not taxed. But we can’t say the same regarding motor vehicles, groceries, and clothing.
Motor vehicles are taxed at a 1.25 percent rate, and a 3.25 percent excise tax is also applied. Footwear, clothing, and groceries see a 4.5 percent rate, plus local taxes.
In Oklahoma, the income taxes range between 0.5 percent and 5 percent. The lowest one is applied on $1,000 of taxable income for those who file as singles and $2,000 for married joint filers. The highest rate is on taxable income that exceeds $7,200 for single filers and over $12,200 for those who are married and file jointly.
As for the median property tax rate, Oklahomans have to pay $869 per $100,000 of assessed home value.