Duncan, Oklahoma Property Taxes
The median property tax rate in Duncan, OK is 0.80%, 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 $82,902 in Duncan, the typical annual property tax bill amounts to $600, significantly below the national median of $2,690. Property taxes in Duncan are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Navigating Duncan's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Duncan or another part of Stephens County, understanding the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Duncan, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$663
Ownwell’s Duncan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Duncan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Duncan 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 Duncan, Oklahoma
Property taxes in Duncan, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Duncan is 0.80%, which is lower than the U.S. national median of 0.99%. Local government entities within Duncan set these rates annually, and they can vary across different neighborhoods. Each year, Duncan 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. For comparison, the 73533 zip code has both the highest and lowest median property tax rate of 0.80%. Understanding how these rates compare with Duncan provides valuable insights into the varying tax landscape across Stephens County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Duncan Tax Rate
0.80%
Average Stephens County Tax Rate
0.81%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Duncan, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73533 | 0.50% | 0.66% | 0.80% | 0.92% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Duncan, Oklahoma
In Duncan, 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 Stephens 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 Duncan, 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 Duncan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 73533 has both the highest and lowest median tax bills, each at $600, reflecting a consistent property tax landscape in the area.
Average Duncan Assessed Value
$82,902
Average Stephens County Assessed Value
$86,689
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Duncan, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73533 | $23,741 | $41,557 | $82,902 | $147,501 | $222,203 |
Source: Ownwell
Property Tax Bills Across Duncan, Oklahoma
In Duncan, located in Stephens County, OK, property tax bills are calculated based on the assessed value of a home, which is often a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax amount, including property size, location, and any applicable exemptions. For homeowners in Duncan, understanding the range of potential tax bills can be insightful. For example, the tax bill at the 25th percentile is $279, while at the 75th percentile, it reaches $1,205. At the 90th percentile, homeowners might see tax bills as high as $1,895. The highest median tax bill recorded in the area is $600, which is significantly lower than the national median property tax rate of 0.99%. These property taxes play a crucial role in funding local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Homeowners should be aware of these factors to manage their finances effectively.
Average Duncan Tax Bill
$600
Average Stephens County Tax Bill
$664
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Duncan, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73533 | $142 | $279 | $600 | $1,205 | $1,895 |
Source: Ownwell