Cyril, Oklahoma Property Taxes
The median property tax rate in Cyril, OK is 0.61%, considerably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Cyril, the typical annual property tax bill reaches $371, significantly below the national median of $2,690. Property taxes in Cyril are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cyril'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 Cyril 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
Cyril, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$414
Ownwell’s Cyril Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cyril with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cyril 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 Cyril, Oklahoma
Property taxes in Cyril, Oklahoma, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Cyril is 0.61%, which is lower than the U.S. national median of 0.99%. Local government entities within Cyril set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cyril 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 Cyril's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73029 zip code in Cyril has the highest median property tax rate of 0.61%, while the same zip code also has the lowest median tax rate of 0.61%. Understanding how these figures compare with Cyril provides valuable insights into the varying tax landscape across Caddo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cyril Tax Rate
0.61%
Average Caddo County Tax Rate
0.63%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cyril, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73029 | 0.28% | 0.46% | 0.61% | 0.78% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Cyril, Oklahoma
In Cyril, 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 Caddo 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 Cyril, 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 Cyril helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Cyril is $67,805, with annual tax bills ranging from $194 at the 25th percentile to $1,051 at the 90th percentile. The zip code with the highest and lowest median tax bill is 73029, with a median tax bill of $371.
Average Cyril Assessed Value
$67,805
Average Caddo County Assessed Value
$58,902
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cyril, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73029 | $26,554 | $38,195 | $67,805 | $109,922 | $149,588 |
Source: Ownwell
Property Tax Bills Across Cyril, Oklahoma
In Cyril, located in Caddo County, Oklahoma, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor’s office. The assessed value is a percentage of the market value, reflecting the property's worth in the current real estate market. Homeowners in Cyril can expect their tax bills to vary significantly. The median home price in the area is approximately $67,805. For a clearer perspective, tax bills in Cyril range from the 25th percentile at $194 to the 75th percentile at $702, with the 90th percentile reaching up to $1,051. These figures indicate that while some homeowners might pay lower taxes, others could face higher bills depending on their property's assessed value and applicable tax rates. The highest median tax bill in the area is $371, found in the 73029 zip code. Understanding these factors is crucial for homeowners as property taxes directly impact annual housing costs and overall financial planning.
Average Cyril Tax Bill
$371
Average Caddo County Tax Bill
$341
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Cyril, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73029 | $104 | $194 | $371 | $702 | $1,051 |
Source: Ownwell