Cleo Springs, Oklahoma Property Taxes
The median property tax rate in Cleo Springs, OK is 0.87%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $64,953 in Cleo Springs, the typical annual property tax bill is $545, significantly below the national median of $2,690. Property taxes in Cleo Springs are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Cleo Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Cleo Springs or another part of Major County, familiarity with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cleo Springs, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$565
Ownwell’s CLEO SPRINGS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in CLEO SPRINGS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in CLEO SPRINGS 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 Cleo Springs, Oklahoma
Property taxes in Cleo Springs, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cleo Springs is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Cleo Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cleo Springs 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 Cleo Springs' effective property tax rate to other regions in Oklahoma and the national median. For comparison, the zip code 73729 has both the highest and lowest median property tax rate of 0.87%, reflecting the uniformity in tax rates within the region. Understanding how these cities compare with Cleo Springs provides valuable insights into the varying tax landscape across Major County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cleo Springs Tax Rate
0.87%
Average Major County Tax Rate
0.83%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cleo Springs, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73729 | 0.61% | 0.76% | 0.87% | 0.93% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Cleo Springs, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cleo Springs, Oklahoma. 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 Major 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. 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 Cleo Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Cleo Springs is $545 in the 73729 zip code, while the lowest median tax bill is also $545 in the same zip code.
Average Cleo Springs Assessed Value
$64,953
Average Major County Assessed Value
$92,366
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cleo Springs, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73729 | $16,115 | $36,027 | $64,953 | $120,168 | $185,320 |
Source: Ownwell
Property Tax Bills Across Cleo Springs, Oklahoma
In Cleo Springs, located in Major County, OK, property tax bills are calculated based on the assessed value of a home. The median home price in Cleo Springs is $64,953. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, homeowners at the 25th percentile pay around $258, while those at the 75th percentile face bills up to $1,015. The highest median tax bill in the area is $545, specifically in the 73729 zip code. Several factors influence the tax bill, including the home's assessed value, any applicable exemptions, and local tax rates. The tax rate in Cleo Springs is relatively modest compared to the national median property tax rate of 0.99%. This can be a significant advantage for homeowners, making Cleo Springs an attractive location for those looking to manage their property tax expenses effectively. Lower property taxes can lead to more disposable income, which can be used for home improvements or other financial needs.
Average Cleo Springs Tax Bill
$545
Average Major County Tax Bill
$720
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Cleo Springs, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73729 | $124 | $258 | $545 | $1,015 | $1,618 |
Source: Ownwell