Carney, Oklahoma Property Taxes
The median property tax rate in Carney, OK is 0.87%, 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 Carney at $77,026, the typical annual property tax bill is around $632, significantly below the national median of $2,690. Property taxes in Carney 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 Carney'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 Carney or another part of Lincoln County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Carney, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$670
Ownwell’s Carney Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Carney with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Carney 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 Carney, Oklahoma
Property taxes in Carney, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Carney is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Carney set these rates annually, and they can vary significantly across different neighborhoods. Each year, Carney 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 Carney's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74832 zip code has the highest median property tax rate of 0.87%, while the 74832 zip code also has the lowest median tax rate of 0.87%. Understanding how these cities compare with Carney provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Carney Tax Rate
0.87%
Average Lincoln County Tax Rate
0.78%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Carney, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74832 | 0.48% | 0.64% | 0.87% | 0.99% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Carney, Oklahoma
In Carney, 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 Lincoln County Assessor 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 Carney, 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 Carney helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in the area is $632, found in the 74832 zip code, which also has the lowest median tax bill at $632.
Average Carney Assessed Value
$77,026
Average Lincoln County Assessed Value
$92,516
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Carney, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74832 | $25,189 | $40,216 | $77,026 | $126,102 | $191,815 |
Source: Ownwell
Property Tax Bills Across Carney, Oklahoma
In Carney, located in Lincoln County, OK, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. For homeowners, this means that if the median home price is $77,026, the assessed value is determined by the county assessor and then multiplied by the local tax rate. Factors such as property size, location, and improvements can influence the assessed value. In Carney, property tax bills can vary significantly. For instance, the tax bill at the 25th percentile is around $302, while at the 75th percentile, it rises to approximately $1,041. For those at the 90th percentile, the tax bill can be as high as $1,696. These variations can impact homeowners' finances, making it crucial to understand how these taxes are determined. Comparatively, the local tax rates are influenced by the county's budgetary needs and the services provided to residents. Understanding these factors can help homeowners anticipate their annual property tax obligations.
Average Carney Tax Bill
$632
Average Lincoln County Tax Bill
$648
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Carney, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74832 | $162 | $302 | $632 | $1,041 | $1,696 |
Source: Ownwell