Cleveland, Oklahoma Property Taxes
The median property tax rate in Cleveland, OK is 0.96%, slightly below the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $83,452 in Cleveland, the typical annual property tax bill amounts to $713, which is significantly lower than the national median of $2,690. Property taxes in Cleveland are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Cleveland'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 Cleveland 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
Cleveland, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$801
Ownwell’s Cleveland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cleveland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cleveland 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 Cleveland, Oklahoma
Property taxes in Cleveland, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cleveland is 0.96%, slightly below the U.S. national median of 0.99%. Local government entities within Cleveland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cleveland 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 Cleveland's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the zip code 74020 has both the highest and lowest median property tax rate of 0.96%. Understanding how these areas compare with Cleveland provides valuable insights into the varying tax landscape across Pawnee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cleveland Tax Rate
0.96%
Average Pawnee County Tax Rate
0.99%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cleveland, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74020 | 0.64% | 0.80% | 0.96% | 1.10% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Cleveland, Oklahoma
In Cleveland, 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 county 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 Cleveland, 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 Cleveland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Cleveland is $713 in the 74020 zip code, while the lowest is also $713 in the same zip code.
Average Cleveland Assessed Value
$83,452
Average Pawnee County Assessed Value
$70,521
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cleveland, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74020 | $26,212 | $41,130 | $83,452 | $134,170 | $206,604 |
Source: Ownwell
Property Tax Bills Across Cleveland, Oklahoma
In Cleveland, OK, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Cleveland is $83,452, and property tax rates can vary, leading to different tax bills for homeowners. For instance, the tax bill at the 25th percentile is $374, while at the 75th percentile, it rises to $1,256, and at the 90th percentile, it can go up to $2,030. The local tax rate in Cleveland is influenced by various factors, including funding requirements for public services such as schools, infrastructure, and emergency services. Homeowners in Cleveland may find their property tax bills higher or lower compared to the national median property tax rate of 0.99%. Understanding these factors is crucial for homeowners to anticipate their annual tax obligations and manage their finances accordingly.
Average Cleveland Tax Bill
$713
Average Pawnee County Tax Bill
$656
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Cleveland, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74020 | $221 | $374 | $713 | $1,256 | $2,030 |
Source: Ownwell