Canton, Oklahoma Property Taxes
The median property tax rate in Canton, OK is 0.77%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Canton at $105,644, the typical annual property tax bill amounts to $919, significantly 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 such as 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 Dewey County, comprehending 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
0.77%
Estimate Property Tax Bill
$813
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 0.77%, which is lower than 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 the highest median property tax rate of 0.77%, while the same zip code also has the lowest median tax rate of 0.77%. Understanding how these cities compare with Canton provides valuable insights into the varying tax landscape across Dewey County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Canton Tax Rate
0.77%
Average Dewey 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 | 0.57% | 0.66% | 0.77% | 0.84% | 0.91% |
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 Dewey 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 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. For instance, homeowners in the 73724 zip code face the highest median tax bill of $919. 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.
Average Canton Assessed Value
$105,644
Average Dewey County Assessed Value
$78,646
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 | $35,488 | $72,922 | $105,644 | $198,707 | $266,655 |
Source: Ownwell
Property Tax Bills Across Canton, Oklahoma
In Canton, located in Dewey County, OK, property tax bills are calculated based on the assessed value of the property, which is a percentage of the market value. Homeowners in Canton see their tax bills influenced by several factors, including the assessed value of their home and the local tax rate. The median home price in Canton is $105,644, and the property tax rate is relatively modest compared to the national median rate of 0.99%. For example, homeowners at the 25th percentile of tax bills pay around $511 annually, while those at the 75th percentile face a tax bill of approximately $1,386. At the higher end, the 90th percentile tax bill can reach up to $2,102. The highest and lowest median tax bills in the area are both $919, indicating a consistent tax environment within the zip code 73724. These property tax bills directly impact homeowners by influencing their annual budget and long-term financial planning, making it essential for them to understand the local tax structure.
Average Canton Tax Bill
$919
Average Dewey County Tax Bill
$505
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 | $233 | $511 | $919 | $1,386 | $2,102 |
Source: Ownwell