Canton, Oklahoma Property Taxes
The median property tax rate in Canton, OK is 0.60%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $55,652, the typical annual property tax bill in Canton is $329, well below the national median of $2,690. Property taxes in Canton are calculated based on the tax assessed value, which often falls below the market value due to exemptions like primary residence and agricultural exemptions. Understanding Canton's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Canton 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
Canton, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$334
Ownwell’s Canton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Canton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Canton 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 Canton, Oklahoma
Property taxes in Canton, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Canton is 0.60%, which is notably lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Canton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Canton 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 Canton's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73724 zip code has both the highest and lowest median property tax rate in the area, standing at 0.60%. Understanding how these cities compare with Canton provides valuable insights into the varying tax landscape across Blaine County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Canton Tax Rate
0.60%
Average Blaine County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Canton, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73724 | 0.30% | 0.45% | 0.60% | 0.76% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Canton, Oklahoma
In Canton, 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 Blaine 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 Canton, 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 Canton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code with the highest median tax bill is 73724, amounting to $329.00, which is also the lowest median tax bill in the area.
Average Canton Assessed Value
$55,652
Average Blaine County Assessed Value
$69,107
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Canton, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73724 | $23,266 | $32,116 | $55,652 | $99,004 | $152,132 |
Source: Ownwell
Property Tax Bills Across Canton, Oklahoma
In Canton, located in Blaine County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $55,652, homeowners can expect varying tax bills depending on their property's assessed value and the applicable tax rate. Factors such as property location, improvements, and market conditions are considered when determining the assessed value. For example, the 25th percentile tax bill in Canton is $178, while the 75th percentile tax bill is $600, and the 90th percentile tax bill reaches up to $1,014. These variations highlight how different factors impact the final tax bill. Compared to the national median property tax rate of 0.99%, Canton's rates can be relatively lower, providing some relief to homeowners. Understanding these components helps homeowners anticipate their annual property tax obligations and manage their finances accordingly.
Average Canton Tax Bill
$329
Average Blaine County Tax Bill
$441
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Canton, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73724 | $95 | $178 | $329 | $600 | $1,014 |
Source: Ownwell