Grandfield, Oklahoma Property Taxes
The median property tax rate in Grandfield, OK is 0.99%, aligning with the national median of 0.99% and slightly above the Oklahoma state median of 0.97%. With the median home value in Grandfield at $24,583, the typical annual property tax bill reaches $214, significantly lower than the national median of $2,690. Property taxes in Grandfield are calculated based on the tax-assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Grandfield'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 Grandfield 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
Grandfield, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$243
Ownwell’s Grandfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grandfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grandfield 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 Grandfield, Oklahoma
Property taxes in Grandfield, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grandfield is 0.99%, aligning with both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Grandfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grandfield 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 Grandfield's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73546 zip code has the highest median property tax rate of 0.99%, while the same zip code also has the lowest median tax rate of 0.99%. Understanding how these cities compare with Grandfield provides valuable insights into the varying tax landscape across Tillman County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grandfield Tax Rate
0.99%
Average Tillman County Tax Rate
0.98%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grandfield, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73546 | 0.43% | 0.74% | 0.99% | 1.07% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Grandfield, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Grandfield, 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 Tillman County Appraisal District 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 Grandfield, 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 Grandfield is $24,583, with tax bills ranging from $114 at the 25th percentile to $878 at the 90th percentile. 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 Grandfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Grandfield Assessed Value
$24,583
Average Tillman County Assessed Value
$29,168
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grandfield, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73546 | $9,837 | $13,970 | $24,583 | $55,928 | $83,745 |
Source: Ownwell
Property Tax Bills Across Grandfield, Oklahoma
In Grandfield, Tillman County, OK, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the home. For example, with a median home price of $24,583, the tax bill can vary significantly. Factors such as property improvements, location, and market conditions influence the assessed value. Homeowners in Grandfield face different tax bills depending on their property's assessed value. For instance, tax bills range from $114 at the 25th percentile to $542 at the 75th percentile, with the 90th percentile reaching up to $878. The median tax bill is notably low at $214, which is considerably below the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, public safety, and infrastructure. Therefore, understanding how these assessments and tax bills are calculated helps homeowners manage their expenses and contribute to their community's well-being.
Average Grandfield Tax Bill
$214
Average Tillman County Tax Bill
$271
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Grandfield, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73546 | $56 | $114 | $214 | $542 | $878 |
Source: Ownwell