Carmen, Oklahoma Property Taxes
The median property tax rate in Carmen, OK is 0.82%, which is notably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Carmen, the typical annual property tax bill amounts to $222, significantly below the national median of $2,690. Property taxes in Carmen are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Carmen's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Carmen or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Carmen, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$254
Ownwell’s Carmen Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Carmen with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Carmen to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Carmen, Oklahoma
Property taxes in Carmen, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Carmen is 0.82%, lower than the U.S. national median of 0.99%. Local government entities within Carmen set these rates annually, and they can vary significantly across different neighborhoods. Each year, Carmen estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Carmen's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73726 zip code has the highest median property tax rate of 0.82%, while the 73726 zip code also has the lowest median tax rate of 0.82%. Understanding how these cities compare with Carmen provides valuable insights into the varying tax landscape across Alfalfa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Carmen Tax Rate
0.82%
Average Alfalfa County Tax Rate
0.87%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Carmen, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73726 | 0.46% | 0.63% | 0.82% | 0.92% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Carmen, Oklahoma
In Carmen, Oklahoma, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Alfalfa County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Carmen, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Carmen helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with both the highest and lowest median tax bill in Carmen is 73726, with a median tax bill of $222.
Average Carmen Assessed Value
$31,012
Average Alfalfa County Assessed Value
$48,960
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Carmen, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73726 | $13,357 | $19,704 | $31,012 | $50,078 | $77,008 |
Source: Ownwell
Property Tax Bills Across Carmen, Oklahoma
In Carmen, Alfalfa County, OK, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Carmen, the median home price is $31,012. The tax bill can vary significantly, with the 25th percentile paying around $135 annually, while those in the 75th percentile pay approximately $404. The highest median tax bill recorded in the area is $222, consistent across different zip codes. Several factors influence the tax bill, including property size, location, and any applicable exemptions. The local tax rate in Carmen contributes to relatively lower property tax bills compared to the national median property tax rate of 0.99%. This makes homeownership in Carmen more affordable, although it also means local services funded by property taxes may have limited budgets. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Carmen Tax Bill
$222
Average Alfalfa County Tax Bill
$402
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Carmen, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73726 | $72 | $135 | $222 | $404 | $644 |
Source: Ownwell