Earlsboro, Oklahoma Property Taxes
The median property tax rate in Earlsboro, OK is 0.83%, 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 Earlsboro at $116,746, the typical annual property tax bill reaches $826, significantly below the national median of $2,690. Property taxes in Earlsboro are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Earlsboro'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 Earlsboro 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
Earlsboro, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$969
Ownwell’s Earlsboro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Earlsboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Earlsboro 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 Earlsboro, Oklahoma
Property taxes in Earlsboro, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Earlsboro is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Earlsboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Earlsboro 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 Earlsboro's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74840 zip code has the highest median property tax rate of 0.83%, while the same zip code also has the lowest median tax rate of 0.83%. Understanding how these cities compare with Earlsboro provides valuable insights into the varying tax landscape across Seminole County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Earlsboro Tax Rate
0.83%
Average Seminole County Tax Rate
0.75%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Earlsboro, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74840 | 0.41% | 0.59% | 0.83% | 1.08% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Earlsboro, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Earlsboro, 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 Seminole 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 Earlsboro, 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. For instance, the median home price in Earlsboro is $116,746, with tax bills ranging from $446 at the 25th percentile to $2,503 at the 90th percentile. The highest and lowest median tax bill in the area is $826, both found in the 74840 zip code. By understanding 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 Earlsboro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Earlsboro Assessed Value
$116,746
Average Seminole County Assessed Value
$62,317
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Earlsboro, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74840 | $35,471 | $63,746 | $116,746 | $178,827 | $286,389 |
Source: Ownwell
Property Tax Bills Across Earlsboro, Oklahoma
In Earlsboro, located in Seminole County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Earlsboro is $116,746. Property taxes are determined by applying the local tax rate to the assessed value. The national median property tax rate is 0.99%, but rates can vary locally. Several factors influence the final tax bill, including the home's assessed value, exemptions, and the specific tax rate set by local authorities. Homeowners in Earlsboro can expect their property tax bills to differ widely. For instance, the tax bill at the 25th percentile is $446, while at the 75th percentile, it rises to $1520. At the 90th percentile, it can reach up to $2503. These taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting the community's quality of life. Understanding how these elements interact helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Earlsboro Tax Bill
$826
Average Seminole County Tax Bill
$442
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Earlsboro, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74840 | $233 | $446 | $826 | $1,520 | $2,503 |
Source: Ownwell