Oklahoma State Tax
Oklahoma Income Tax
Oklahoma Personal Income Tax
Oklahoma’s personal income tax is spread across seven brackets, with a minimum rate of 0.5% for taxable income up to $1000 and a maximum rate of 5.5% for taxable income over $8700. Joint tax filers are subject to wider tax brackets which collect lower rates for combined incomes.
All residents, part-time residents, and non-residents earning income in the state are required to file their income tax returns to the Oklahoma Tax Commission by April 15 each year.
Oklahoma Corporate Income Tax
Corporations and businesses are required to file their federal and state corporate income tax returns annually. Oklahoma levies a flat corporate income tax rate of 6%. Oklahoma’s maximum tax rate is the 10th lowest among the states that impose corporate income tax.
Oklahoma Sales Tax
The basic state sales tax in Oklahoma is only 4.5%. However, total sale taxes paid almost doubles in some municipalities due to local and special sales tax jurisdictions all over the state. Counties and municipalities are allowed to impose up to 4% surtaxes on top of state sale taxes. Unlike most states, groceries and prescription drugs are not exempted from sales tax in Oklahoma. Out-of-state sales are subject to use tax instead of sales tax.
Oklahoma Property Tax
Oklahoma collects one of the lowest property tax rates in the United States. At a 0.74% of a property’s fair market value, there are only six states that levy lower property taxes than Oklahoma. Property tax amounts up to approximately 1.51% of the residents’ annual income.