Calumet, Oklahoma Property Taxes
The median property tax rate in Calumet, OK is 0.85%, 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 Calumet at $131,356, the typical annual property tax bill comes to $1,044, falling below the national median of $2,690. Property taxes in Calumet are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Calumet'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 Calumet or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Calumet, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$1,117
Ownwell’s Calumet Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Calumet with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Calumet 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 Calumet, Oklahoma
Property taxes in Calumet, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Calumet is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Calumet set these rates annually, and they can vary significantly across different neighborhoods. Each year, Calumet 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 Calumet's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the 73014 zip code has both the highest and lowest median property tax rate of 0.85%. Understanding how these cities compare with Calumet provides valuable insights into the varying tax landscape across Canadian County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Calumet Tax Rate
0.85%
Average Canadian County Tax Rate
1.01%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Calumet, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73014 | 0.57% | 0.73% | 0.85% | 0.94% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Calumet, Oklahoma
In Calumet, 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 Canadian 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 Calumet, 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 Calumet helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 73014, with a median tax bill of $1,044.
Average Calumet Assessed Value
$131,356
Average Canadian County Assessed Value
$228,594
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Calumet, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73014 | $35,984 | $73,872 | $131,356 | $214,752 | $293,536 |
Source: Ownwell
Property Tax Bills Across Calumet, Oklahoma
In Calumet, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. The median home price in Calumet is $131,356, and the tax rate is determined by local taxing authorities in Canadian County. Factors such as property improvements, neighborhood amenities, and overall market conditions can influence the assessed value. Homeowners in Calumet experience a range of property tax bills; at the 25th percentile, the tax bill is $553, while at the 75th percentile, it reaches $1,763. For those at the 90th percentile, the tax bill can be as high as $2,560. These taxes fund essential public services such as schools, emergency services, and infrastructure maintenance, directly impacting the quality of life in the community. Comparatively, Calumet's property tax rates are competitive, especially when considering the national median property tax rate of 0.99%. Homeowners should be aware of these factors as they significantly influence annual financial planning and long-term investment in their properties.
Average Calumet Tax Bill
$1,044
Average Canadian County Tax Bill
$2,244
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Calumet, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73014 | $263 | $553 | $1,044 | $1,763 | $2,560 |
Source: Ownwell