Madill, Oklahoma Property Taxes
The median property tax rate in Madill, OK is 0.76%, 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 Madill at $61,363, the typical annual property tax bill is $412, significantly lower than the national median of $2,690. Property taxes in Madill are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Madill'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 Madill or another part of Johnston County, understanding 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
0.76%
Estimate Property Tax Bill
$466
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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Madill is 0.76%, which is lower than 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 counties in Oklahoma and the national median. For comparison, the 73446 zip code has the highest median property tax rate of 0.76%, while the same zip code also has the lowest median tax rate of 0.76%. Understanding how these cities compare with Madill provides valuable insights into the varying tax landscape across Johnston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Madill Tax Rate
0.76%
Average Johnston County Tax Rate
0.70%
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 | 0.44% | 0.66% | 0.76% | 0.79% | 0.94% |
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 Johnston 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 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 the area are both $412, found in zip code 73446.
Average Madill Assessed Value
$61,363
Average Johnston County Assessed Value
$84,611
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 | $15,516 | $39,984 | $61,363 | $90,701 | $97,881 |
Source: Ownwell
Property Tax Bills Across Madill, Oklahoma
In Madill, located in Johnston County, OK, property tax bills are calculated based on the assessed value of a home, which is determined by local property assessors. The median home price in Madill is $61,363. Property taxes are derived from this assessed value and the applicable tax rate. Homeowners in Madill typically see tax bills ranging from $346 at the 25th percentile to $560 at the 75th percentile, with the 90th percentile reaching up to $840. The highest and lowest median tax bill both stand at $412, indicating a relatively uniform tax rate within the zip code 73446. The property tax rate in Madill is significantly lower than the national median property tax rate of 0.99%, making it an appealing location for homeowners looking for affordability. These taxes fund essential local services such as schools, emergency services, and infrastructure, directly impacting the quality of life in the community. Lower property taxes can make homeownership more accessible, but it's crucial for homeowners to budget for these annual expenses.
Average Madill Tax Bill
$412
Average Johnston County Tax Bill
$521
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 | $116 | $346 | $412 | $560 | $840 |
Source: Ownwell