Elgin, Oklahoma Property Taxes
The median property tax rate in Elgin, OK is 1.12%, which is considerably higher than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Elgin at $210,698, the typical annual property tax bill reaches $2,174, still below the national median of $2,690. Property taxes in Elgin 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 Elgin'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 Elgin or another part of Comanche County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elgin, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$2,360
Ownwell’s Elgin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elgin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elgin 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 Elgin, Oklahoma
Property taxes in Elgin, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elgin is 1.12%, higher than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Elgin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elgin 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 Elgin's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73538 zip code has the highest median property tax rate of 1.12%, while the same zip code also has the lowest median tax rate of 1.12%. Understanding how these cities compare with Elgin provides valuable insights into the varying tax landscape across Comanche County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elgin Tax Rate
1.12%
Average Comanche County Tax Rate
1.15%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elgin, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73538 | 0.81% | 0.99% | 1.12% | 1.18% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Elgin, Oklahoma
In Elgin, 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 Comanche 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 Elgin, 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 in Elgin is $210,698, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $1,016, while the 75th percentile tax bill is $2,908, and the 90th percentile tax bill reaches $3,520. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The zip code with both the highest and lowest median tax bill is 73538, with a median tax bill of $2,174. Being aware of these valuation processes in Elgin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Elgin Assessed Value
$210,698
Average Comanche County Assessed Value
$99,838
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elgin, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73538 | $45,962 | $109,553 | $210,698 | $275,148 | $325,815 |
Source: Ownwell
Property Tax Bills Across Elgin, Oklahoma
In Elgin, located in Comanche County, OK, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the property's market value. For instance, with a median home price of $210,698, the tax bill can vary significantly. Factors such as property size, location, and any improvements made can influence the assessed value. Homeowners in Elgin can expect their property tax bills to range widely. At the 25th percentile, tax bills are around $1,016, while at the 75th percentile, they can reach up to $2,908. For those in the 90th percentile, tax bills can be as high as $3,520. These figures show a considerable variation, reflecting the diverse property values within the city. Comparatively, the national median property tax rate is 0.99%, and Elgin’s property tax bills show how localized assessments and valuations can significantly affect homeowners. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Elgin Tax Bill
$2,174
Average Comanche County Tax Bill
$997
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Elgin, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73538 | $376 | $1,016 | $2,174 | $2,908 | $3,520 |
Source: Ownwell