Cleo Springs, Oklahoma Property Taxes
The median property tax rate in CLEO SPRINGS, OK is 0.96%, slightly below both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $118,581, the typical annual property tax bill in CLEO SPRINGS is $1,139, which is lower than the national median of $2,690. Property taxes in CLEO SPRINGS are calculated based on the assessed value, which is often less than the market value due to exemptions like those for primary residences and agricultural properties. By understanding the property tax system in CLEO SPRINGS, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether you're residing in the heart of CLEO SPRINGS or another part of Alfalfa County, being well-informed about the local property tax system can offer substantial financial benefits.
Last Updated June 14, 2024
Cleo Springs, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$1,138
Ownwell’s CLEO SPRINGS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in CLEO SPRINGS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in CLEO SPRINGS 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 Cleo Springs, Oklahoma
Property taxes in Cleo Springs, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cleo Springs is 0.96%, lower than the U.S. national median of 0.99%. Local government entities within Cleo Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cleo Springs 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 Cleo Springs' effective property tax rate to other areas in Oklahoma and the national median. For comparison, the zip code 73729 has both the highest and lowest median property tax rate of 0.96%, identical to Cleo Springs' rate. Understanding how these areas compare with Cleo Springs 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 Cleo Springs Tax Rate
0.96%
Average Alfalfa County Tax Rate
0.87%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cleo Springs, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73729 | 0.96% | 0.96% | 0.96% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Cleo Springs, Oklahoma
In Cleo Springs, 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 Cleo Springs, 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. Cleo Springs has a median home price of $118,581, with the highest and lowest median tax bills both at $1,139 in the zip code 73729. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cleo Springs Assessed Value
$118,581
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 Cleo Springs, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73729 | $118,581 | $118,581 | $118,581 | $118,581 | $118,581 |
Source: Ownwell
Property Tax Bills Across Cleo Springs, Oklahoma
In Cleo Springs, located in Alfalfa County, OK, property tax bills are calculated based on the assessed value of a home, which is determined by county assessors. This assessed value typically represents a percentage of the property's market value. Once the assessed value is established, local tax rates are applied to calculate the annual property tax bill. For homes in Cleo Springs, the median home price is $118,581. Homeowners in this area can expect a median property tax bill of $1,139, which is significantly higher than the national median property tax rate of 0.99%. This consistent tax bill across various percentiles indicates a stable and predictable tax environment for residents. Such property tax rates can impact homeowners by influencing their overall housing costs and potentially affecting the affordability of homeownership in the region. Understanding these factors is crucial for homeowners when budgeting and planning their finances.
Average Cleo Springs Tax Bill
$1,139
Average Alfalfa County Tax Bill
$402
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Cleo Springs, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73729 | $1,139 | $1,139 | $1,139 | $1,139 | $1,139 |
Source: Ownwell