Cherokee, Oklahoma Property Taxes
The median property tax rate in Cherokee, Oklahoma is 1.04%, slightly higher than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Cherokee, the typical annual property tax bill reaches $468, significantly lower than the national median of $2,690. Property taxes in Cherokee are calculated based on the assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cherokee'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 Cherokee 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
Cherokee, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$500
Ownwell's Cherokee Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Cherokee. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Cherokee to provide an accurate estimate of your property tax bill. This valuable insight helps you understand potential tax liabilities and plan accordingly. For those interested in more detailed information, localized trends at the neighborhood level are available by scrolling down. Your property's assessed value, determined by the county, is crucial for property tax calculations and incorporates any applicable exemptions.
Property Tax Rates Across Cherokee, Oklahoma
Property taxes in Cherokee, Oklahoma, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cherokee is 0.75%, which is lower than both the Oklahoma state median of 0.87% and the U.S. national median of 0.99%. Local government entities within Cherokee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cherokee 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 Cherokee's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73728 has the highest median property tax rate of 0.75%, while the same zip code also has the lowest median tax rate of 0.75%. Understanding how these areas compare with Cherokee 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 Cherokee Tax Rate
1.04%
Average Alfalfa County Tax Rate
0.87%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cherokee, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73728 | 0.54% | 0.77% | 1.04% | 1.22% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Cherokee, Oklahoma
In Cherokee, 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's Office 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 Cherokee, 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. Cherokee's median home price is $48,115, with annual tax bills ranging from $203 at the 25th percentile to $1,820 at the 90th percentile. 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 Cherokee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cherokee Assessed Value
$48,115
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 Cherokee, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73728 | $12,842 | $20,854 | $48,115 | $106,720 | $179,414 |
Source: Ownwell
Property Tax Bills Across Cherokee, Oklahoma
In Cherokee, located in Alfalfa County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. For instance, with a median home price of $48,115, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is around $203, while at the 75th percentile, it rises to $1,058, and at the 90th percentile, it can reach up to $1,820. These variations depend on factors such as the property's assessed value, local tax rates, and any applicable exemptions. When compared to the national median property tax rate of 0.99%, Cherokee's tax rates can significantly impact homeowners, offering potential savings or higher expenses depending on individual circumstances. Understanding these factors is crucial for homeowners to manage their finances and plan for property tax obligations effectively.
Average Cherokee Tax Bill
$468
Average Alfalfa County Tax Bill
$402
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Cherokee, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73728 | $102 | $203 | $468 | $1,058 | $1,820 |
Source: Ownwell