Faxon, Oklahoma Property Taxes
The median property tax rate in Faxon, OK is 0.86%, 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 Faxon, the typical annual property tax bill amounts to $1,349, which is below the national median of $2,690. Property taxes in Faxon are calculated based on the tax assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural land. Understanding Faxon'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 Faxon or another part of Cotton County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Faxon, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,347
Ownwell’s Faxon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Faxon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Faxon 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 Faxon, Oklahoma
Property taxes in Faxon, Oklahoma, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Faxon is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Faxon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Faxon 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 Faxon's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73540 zip code has both the highest and lowest median property tax rate in the area at 0.86%. Understanding how these cities compare with Faxon provides valuable insights into the varying tax landscape across Cotton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Faxon Tax Rate
0.86%
Average Cotton County Tax Rate
0.94%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Faxon, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73540 | 0.86% | 0.86% | 0.86% | 0.86% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Faxon, Oklahoma
In Faxon, 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 Cotton 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 Faxon, 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 Faxon 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 $1349, found in the zip code 73540.
Average Faxon Assessed Value
$156,623
Average Cotton County Assessed Value
$65,187
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Faxon, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73540 | $156,623 | $156,623 | $156,623 | $156,623 | $156,623 |
Source: Ownwell
Property Tax Bills Across Faxon, Oklahoma
In Faxon, located in Cotton County, OK, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is determined by the local tax assessor and is typically a percentage of the property's market value. For instance, if the median home price in Faxon is $156,623, the assessed value would be a fraction of this amount, depending on the assessment ratio set by the county. Homeowners in Faxon can expect a median property tax bill of $1,349, which is consistent across various percentiles, including the 25th, 75th, and 90th. This uniformity suggests a stable and predictable tax environment for residents. Compared to the national median property tax rate of 0.99%, Faxon's property tax rate is relatively moderate, making it an attractive location for potential homeowners. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Homeowners should consider these factors when evaluating the overall cost of living in Faxon.
Average Faxon Tax Bill
$1,349
Average Cotton County Tax Bill
$542
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Faxon, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73540 | $1,349 | $1,349 | $1,349 | $1,349 | $1,349 |
Source: Ownwell