Madill, Oklahoma Property Taxes
The median property tax rate in Madill, OK is 0.74%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value in Madill of $178,927, the typical annual property tax bill amounts to $1,284, significantly below the national median of $2,690. Property taxes in Madill are based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Madill'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 Madill or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Madill, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$1,324
Ownwell’s MADILL Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MADILL with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MADILL 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 Madill, Oklahoma
Property taxes in Madill, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Madill is 0.74%, which is below the U.S. national median of 0.99%. Local government entities within Madill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Madill 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 Madill's effective property tax rate to other areas and the national median. For comparison, the zip code 73446 in Carter County has the same median property tax rate of 0.74%. Understanding how these areas compare with Madill provides valuable insights into the varying tax landscape across Carter County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Madill Tax Rate
0.74%
Average Carter County Tax Rate
0.85%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Madill, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73446 | 0.48% | 0.55% | 0.74% | 0.95% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Madill, Oklahoma
In Madill, 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 Carter 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 Madill, 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 Madill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Madill are both $1,284, found in the 73446 zip code, illustrating a consistent tax landscape across the area.
Average Madill Assessed Value
$178,927
Average Carter County Assessed Value
$117,168
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Madill, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73446 | $79,651 | $111,012 | $178,927 | $227,722 | $272,757 |
Source: Ownwell
Property Tax Bills Across Madill, Oklahoma
In Madill, 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 annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Madill, the median home price is $178,927, and property taxes can vary significantly. For example, the 25th percentile tax bill is $608, while the 75th percentile tax bill is $2,036, and the 90th percentile tax bill reaches $2,400. These variations highlight the impact of property characteristics and local tax policies on individual tax obligations. Compared to the national median property tax rate of 0.99%, homeowners in Madill may find their property tax bills to be relatively manageable, though individual circumstances can lead to higher or lower amounts. Understanding these factors can help homeowners anticipate their property tax responsibilities and plan accordingly.
Average Madill Tax Bill
$1,284
Average Carter County Tax Bill
$941
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Madill, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73446 | $496 | $608 | $1,284 | $2,036 | $2,400 |
Source: Ownwell