What are the tax rates in Oklahoma?

Oklahoma has a progressive income tax system that consists of several tax brackets, meaning that residents pay different rates based on their income levels. As of 2023, the individual income tax rates in Oklahoma range from one percent to five percent. The rates are structured as follows: the first portion of income up to a certain threshold is taxed at one percent, and as income increases, additional portions are taxed at progressively higher rates. In addition to individual income tax, the state has a sales tax rate that is typically set at four and five percent for state and local jurisdictions, respectively. Other taxes that may apply include property tax, which varies based on local assessments. For businesses, there is a corporate income tax rate of six percent on taxable income. It is important for individuals and businesses to stay informed about any new legislation or changes in tax policy that may affect tax rates in Oklahoma. The Oklahoma Tax Commission provides detailed information on current tax rates and regulations on their website. For the most accurate and up-to-date information, one may wish to visit the official Oklahoma Tax Commission website.