Temple, Oklahoma Property Taxes
The median property tax rate in Temple, OK is 1.03%, slightly higher than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Temple, the typical annual property tax bill reaches $276, which is significantly lower than the national median of $2,690. Property taxes in Temple are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Temple'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 Temple 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
Temple, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$336
Ownwell’s Temple Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Temple with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Temple 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 Temple, Oklahoma
Property taxes in Temple, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Temple is 1.03%, higher than the U.S. national median of 0.99%. Local government entities within Temple set these rates annually, and they can vary significantly across different neighborhoods. Each year, Temple 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 Temple's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73568 zip code has the highest median property tax rate of 1.03%, while the same zip code also has the lowest median tax rate of 1.03%. Understanding how these cities compare with Temple provides valuable insights into the varying tax landscape across Cotton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Temple Tax Rate
1.03%
Average Cotton County Tax Rate
0.94%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Temple, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73568 | 0.65% | 0.84% | 1.03% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Temple, Oklahoma
In TEMPLE, 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 Cotton County Appraisal District 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 TEMPLE, 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 TEMPLE helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $276.00, found in zip code 73568.
Average Temple Assessed Value
$32,614
Average Cotton County Assessed Value
$65,187
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Temple, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73568 | $7,510 | $14,967 | $32,614 | $53,232 | $89,596 |
Source: Ownwell
Property Tax Bills Across Temple, Oklahoma
Property tax bills in Temple, located in Cotton County, Oklahoma, are calculated based on the assessed value of a property, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the property tax bill. In Temple, the median home price is $32,614, and the property tax rate is considerably lower than the national median of 0.99%. Homeowners in Temple can expect a tax bill ranging from $132 at the 25th percentile to $812 at the 90th percentile, with the median tax bill being $276. Several factors influence the tax bill, including property improvements, neighborhood changes, and local government budgets. Lower property taxes can make homeownership more affordable, impacting the overall cost of living positively. For homeowners in Temple, this means relatively low annual property tax expenses, which can be a significant financial relief compared to higher-tax areas.
Average Temple Tax Bill
$276
Average Cotton County Tax Bill
$542
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Temple, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73568 | $61 | $132 | $276 | $508 | $812 |
Source: Ownwell