Felt, Oklahoma Property Taxes
The median property tax rate in Felt, OK is 0.63%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Felt, the typical annual property tax bill amounts to $640, well below the national median of $2,690. Property taxes in Felt are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Felt's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Felt or another part of Cimarron County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Felt, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$732
Ownwell’s Felt Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Felt. By simply entering your property's estimated assessed value, the calculator utilizes the median tax rate in Felt to provide an accurate estimate of your property tax bill. This valuable resource helps you gauge potential tax liabilities with ease. For those interested in more granular data, additional neighborhood-level trends are available below. Remember, your property’s assessed value is determined by Cimarron County for tax purposes and includes any applicable exemptions.
Property Tax Rates Across Felt, Oklahoma
Property taxes in Felt, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Felt is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Felt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Felt 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 Felt's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73937 zip code has both the highest and lowest median property tax rate of 0.63%. Understanding how these cities compare with Felt provides valuable insights into the varying tax landscape across Cimarron County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Felt Tax Rate
0.63%
Average Cimarron County Tax Rate
0.50%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Felt, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73937 | 0.37% | 0.44% | 0.63% | 0.77% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Felt, Oklahoma
In Felt, 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 Cimarron 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. Assessment notices in Felt 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 Felt helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $640, found in the 73937 zip code.
Average Felt Assessed Value
$116,213
Average Cimarron County Assessed Value
$68,218
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Felt, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73937 | $40,376 | $72,825 | $116,213 | $170,581 | $227,602 |
Source: Ownwell
Property Tax Bills Across Felt, Oklahoma
In Felt, located in Cimarron County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The county assessor's office determines this value, taking into account factors such as the property's location, size, and condition. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. For instance, with a median home price of $116,213, homeowners in Felt can expect varying tax bills. At the 25th percentile, tax bills are around $332, while those in the 75th percentile see bills closer to $1,012. In some cases, tax bills can reach up to $1,220 at the 90th percentile. These tax bills contribute to local services such as schools, road maintenance, and emergency services, directly impacting the community. Understanding these factors can help homeowners in Felt better anticipate their property tax obligations and manage their finances effectively.
Average Felt Tax Bill
$640
Average Cimarron County Tax Bill
$314
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Felt, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73937 | $241 | $332 | $640 | $1,012 | $1,220 |
Source: Ownwell