Covington, Oklahoma Property Taxes
The median property tax rate in Covington, OK is 1.05%, slightly higher than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value in Covington of $49,030, the typical annual property tax bill is $444, which is significantly lower than the national median of $2,690. Property taxes in Covington 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 Covington'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 Covington 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
Covington, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$515
Ownwell’s Covington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Covington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Covington 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 Covington, Oklahoma
Property taxes in Covington, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Covington is 1.05%, higher than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Covington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Covington 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 Covington's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73730 zip code has the highest median property tax rate of 1.05%, while the same zip code also has the lowest median tax rate of 1.05%. Understanding how these cities compare with Covington provides valuable insights into the varying tax landscape across Garfield County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Covington Tax Rate
1.05%
Average Garfield County Tax Rate
1.14%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Covington, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73730 | 0.42% | 0.66% | 1.05% | 1.32% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Covington, Oklahoma
In Covington, 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 Garfield 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 Covington, 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 Covington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 73730 has the highest median tax bill of $444.00, while the lowest median tax bill is also $444.00 in the same zip code.
Average Covington Assessed Value
$49,030
Average Garfield County Assessed Value
$94,470
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Covington, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73730 | $4,670 | $24,360 | $49,030 | $82,570 | $143,380 |
Source: Ownwell
Property Tax Bills Across Covington, Oklahoma
In Covington, property tax bills are calculated based on the assessed value of a home, which is often a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $49,030, homeowners can expect a range of tax bills depending on their property's specific assessed value. Factors such as property size, location, and any improvements made can influence the assessed value. In Covington, the 25th percentile of tax bills is around $198, while the 75th percentile is approximately $846. For those at the higher end, the 90th percentile tax bill reaches up to $1,663. These property taxes are crucial for funding local services such as schools, infrastructure, and public safety, directly impacting the quality of life for residents. Compared to the national median property tax rate of 0.99%, Covington's rates offer a glimpse into how local policies can affect homeowners' financial responsibilities.
Average Covington Tax Bill
$444
Average Garfield County Tax Bill
$950
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Covington, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73730 | $61 | $198 | $444 | $846 | $1,663 |
Source: Ownwell