Elk City, Oklahoma Property Taxes
The median property tax rate in Elk City, OK, is 0.92%, slightly below the state median of 0.97% and the national median of 0.99%. With a median home value of $74,302, the typical annual property tax bill in Elk City is $840, significantly lower than the national median of $2,690. Property taxes in Elk City are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Elk City'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 Elk City or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elk City, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$684
Ownwell’s Elk City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elk City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elk City 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 Elk City, Oklahoma
Property taxes in Elk City, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elk City is 0.92%, which is slightly below the U.S. national median of 0.99%. Local government entities within Elk City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elk City 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 Elk City's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73644 in Elk City has the highest median property tax rate of 0.92%, while the same zip code also has the lowest median tax rate of 0.92%. Understanding how these values compare with Elk City provides valuable insights into the varying tax landscape across Custer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elk City Tax Rate
0.92%
Average Custer County Tax Rate
1.01%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elk City, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73644 | 0.52% | 0.81% | 0.92% | 0.93% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Elk City, Oklahoma
In Elk City, 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 local 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 Elk City, 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 Elk City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 73644, with a median tax bill of $840.
Average Elk City Assessed Value
$74,302
Average Custer County Assessed Value
$105,000
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elk City, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73644 | $37,564 | $45,682 | $74,302 | $235,012 | $256,947 |
Source: Ownwell
Property Tax Bills Across Elk City, Oklahoma
In Elk City, property tax bills are calculated based on the assessed value of a property, 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 the property's location within Custer County, its size, and any improvements made can influence the assessed value. For example, the median home price in Elk City is $74,302. Homeowners in this area can expect a wide range in their tax bills, with the 25th percentile at $424 and the 75th percentile reaching $2,180. The highest median tax bill within the 73644 zip code is $840, which is significantly lower than the national median property tax rate of 0.99%. This relatively low tax burden can make homeownership more affordable, but it also means fewer local resources generated from property taxes. Understanding these factors can help homeowners anticipate their financial obligations and plan accordingly.
Average Elk City Tax Bill
$840
Average Custer County Tax Bill
$977
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Elk City, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73644 | $284 | $424 | $840 | $2,180 | $2,368 |
Source: Ownwell