Colcord, Oklahoma Property Taxes
The median property tax rate in Colcord, OK is 0.62%, noticeably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value in Colcord of $87,567, the typical annual property tax bill amounts to $557, well below the national median of $2,690. Property taxes in Colcord are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Colcord's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in significant annual savings. Whether you're in the heart of Colcord or another part of Adair County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Colcord, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$543
Ownwell’s Colcord Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Colcord with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Colcord 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 Colcord, Oklahoma
Property taxes in Colcord, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Colcord is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Colcord set these rates annually, and they can vary significantly across different neighborhoods. Each year, Colcord 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 Colcord's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the zip code 74338 has the highest median property tax rate of 0.62%, while the lowest median tax rate is also 0.62%, reflecting a uniform tax rate across the area. Understanding how these cities compare with Colcord provides valuable insights into the varying tax landscape across Adair County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Colcord Tax Rate
0.62%
Average Adair County Tax Rate
0.69%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colcord, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74338 | 0.36% | 0.41% | 0.62% | 0.77% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Colcord, Oklahoma
In Colcord, 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 Adair 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 Colcord, 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 Colcord helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 74338 has both the highest and lowest median tax bill at $557.
Average Colcord Assessed Value
$87,567
Average Adair County Assessed Value
$66,022
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Colcord, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74338 | $42,438 | $70,176 | $87,567 | $114,082 | $161,085 |
Source: Ownwell
Property Tax Bills Across Colcord, Oklahoma
In Colcord, Adair County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Colcord, the median home price is $87,567. Property tax bills vary widely, with the 25th percentile at $345 and the 75th percentile at $736, indicating a range of tax liabilities depending on property values and specific assessments. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions. The highest median tax bill recorded in the area is $557, which is significantly lower than the national median property tax rate of 0.99%. This relatively low property tax burden can make homeownership more affordable in Colcord, benefiting homeowners by reducing their annual expenses compared to higher-tax regions.
Average Colcord Tax Bill
$557
Average Adair County Tax Bill
$421
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Colcord, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74338 | $183 | $345 | $557 | $736 | $1,359 |
Source: Ownwell