Newcastle, Oklahoma Property Taxes
The median property tax rate in Newcastle, OK is 1.20%, considerably higher than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Newcastle at $233,346, the typical annual property tax bill reaches $2,501, slightly below the national median of $2,690. Property taxes in Newcastle are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Newcastle'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 Newcastle 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
Newcastle, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$2,800
Ownwell’s Newcastle Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Newcastle with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newcastle 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 Newcastle, Oklahoma
Property taxes in Newcastle, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newcastle is 1.20%, higher than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Newcastle set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newcastle 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 Newcastle's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73065 zip code has the highest median property tax rate of 1.20%, while the same zip code also has the lowest median tax rate of 1.20%. Understanding how these cities compare with Newcastle provides valuable insights into the varying tax landscape across McClain County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newcastle Tax Rate
1.20%
Average Mcclain County Tax Rate
0.93%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newcastle, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73065 | 0.60% | 0.92% | 1.20% | 1.28% | 1.28% |
Source: Ownwell
Property Tax Assessment Values Across Newcastle, Oklahoma
In Newcastle, 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 McClain 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 Newcastle, 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 Newcastle helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Newcastle is $2,501 in the 73065 zip code, which also has the lowest median tax bill at $2,501.
Average Newcastle Assessed Value
$233,346
Average Mcclain County Assessed Value
$212,546
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newcastle, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73065 | $98,923 | $165,688 | $233,346 | $315,000 | $429,987 |
Source: Ownwell
Property Tax Bills Across Newcastle, Oklahoma
Property tax bills in Newcastle, located in McClain County, OK, are calculated based on the assessed value of a property, which is derived from its market value. The local tax rate is applied to this assessed value to determine the annual tax bill. For example, with a median home price of $233,346, homeowners can expect their tax bills to vary significantly. At the 25th percentile, tax bills are around $1,595, while at the 75th percentile, they rise to about $3,459. The top 10% of properties see tax bills as high as $4,890. Several factors influence these variations, including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Newcastle's rates can be quite favorable, potentially easing the financial burden on homeowners. Understanding these dynamics can help residents better anticipate their annual property tax obligations and plan accordingly.
Average Newcastle Tax Bill
$2,501
Average Mcclain County Tax Bill
$1,871
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Newcastle, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73065 | $760 | $1,595 | $2,501 | $3,459 | $4,890 |
Source: Ownwell