Mcloud, Oklahoma Property Taxes
The median property tax rate in McLoud, OK is 0.36%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in McLoud at $149,113, the typical annual property tax bill is $539, which is well below the national median of $2,690. Property taxes in McLoud 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 McLoud'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 McLoud 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
Mcloud, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.36%
Estimate Property Tax Bill
$537
Ownwell’s McLoud Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in McLoud with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in McLoud 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 Mcloud, Oklahoma
Property taxes in McLoud, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in McLoud is 0.73%, significantly higher than the Oklahoma state median of 0.47% but still below the U.S. national median of 0.99%. Local government entities within McLoud set these rates annually, and they can vary significantly across different neighborhoods. Each year, McLoud 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. Comparing McLoud's effective property tax rate to other counties in Oklahoma and the national median provides valuable insights into the varying tax landscape across Oklahoma County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mcloud Tax Rate
0.36%
Average Oklahoma County Tax Rate
1.00%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mcloud, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74851 | 0.36% | 0.36% | 0.36% | 0.36% | 0.36% |
Source: Ownwell
Property Tax Assessment Values Across Mcloud, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in McLoud, 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 Oklahoma 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 McLoud, 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. The median home price in McLoud is $149,113, with the highest and lowest median tax bills both being $539 in the 74851 zip code. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mcloud Assessed Value
$149,113
Average Oklahoma County Assessed Value
$192,500
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mcloud, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74851 | $149,113 | $149,113 | $149,113 | $149,113 | $149,113 |
Source: Ownwell
Property Tax Bills Across Mcloud, Oklahoma
In McLoud, Oklahoma, property tax bills are calculated based on the assessed value of the property, which is a percentage of its market value. The local tax rate is applied to this assessed value to determine the annual tax bill. For homeowners in McLoud, the median home price is $149,113. With a property tax rate that results in a median tax bill of $539, homeowners here enjoy a relatively low tax burden compared to the national median property tax rate of 0.99%. The tax bill remains consistent across different percentiles, with the 25th, 75th, and 90th percentiles all reporting a tax bill of $539. This uniformity indicates a stable and predictable property tax environment for residents. The assessed value, market conditions, and local tax rates are key factors that influence the final tax bill. For homeowners, this means predictable annual expenses, allowing for better financial planning and stability.
Average Mcloud Tax Bill
$539
Average Oklahoma County Tax Bill
$1,891
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Mcloud, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74851 | $539 | $539 | $539 | $539 | $539 |
Source: Ownwell