Gracemont, Oklahoma Property Taxes
The median property tax rate in Gracemont, OK is 0.58%, considerably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Gracemont at $60,538, the typical annual property tax bill reaches $335, significantly below the national median of $2,690. Property taxes in Gracemont are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Gracemont'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 Gracemont 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
Gracemont, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$351
Ownwell’s Gracemont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gracemont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gracemont 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 Gracemont, Oklahoma
Property taxes in Gracemont, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gracemont is 0.58%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Gracemont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gracemont 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 Gracemont's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73042 zip code has the highest median property tax rate of 0.58%, while the same zip code also has the lowest median tax rate of 0.58%. Understanding how these cities compare with Gracemont provides valuable insights into the varying tax landscape across Caddo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gracemont Tax Rate
0.58%
Average Caddo County Tax Rate
0.63%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gracemont, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73042 | 0.27% | 0.43% | 0.58% | 0.75% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Gracemont, Oklahoma
In Gracemont, 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 Caddo 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 Gracemont, 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. The median home price here is $60,538. Homeowners in the 73042 zip code face a median tax bill of $335. 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 Gracemont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gracemont Assessed Value
$60,538
Average Caddo County Assessed Value
$58,902
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gracemont, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73042 | $19,980 | $32,062 | $60,538 | $105,308 | $183,175 |
Source: Ownwell
Property Tax Bills Across Gracemont, Oklahoma
In Gracemont, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor's office. The assessed value typically represents a percentage of the property's market value. For instance, a median home priced at $60,538 in Gracemont would have its tax bill calculated based on this assessed value. Tax rates, set by local government entities, are then applied to this assessed value. In Caddo County, where Gracemont is located, property tax bills can vary significantly. For example, the 25th percentile tax bill is around $163, while the 75th percentile tax bill reaches $594, and the 90th percentile can be as high as $1,113. These variations affect homeowners differently, depending on their property's assessed value and the applicable tax rate. Compared to the national median property tax rate of 0.99%, Gracemont's property taxes provide a relatively affordable option for homeowners, contributing to the overall cost of homeownership and influencing financial planning for residents.
Average Gracemont Tax Bill
$335
Average Caddo County Tax Bill
$341
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Gracemont, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73042 | $75 | $163 | $335 | $594 | $1,113 |
Source: Ownwell