Cushing, Oklahoma Property Taxes
The median property tax rate in Cushing, OK is 0.90%, slightly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Cushing being $189,709, the typical annual property tax bill amounts to $1,450, which is notably less than the national median of $2,690. Property taxes in Cushing are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cushing'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 Cushing 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
Cushing, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$1,707
Ownwell’s Cushing Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Cushing with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cushing 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 Cushing, Oklahoma
Property taxes in Cushing, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cushing is 0.90%, which is lower than the U.S. national median of 0.99%. Local government entities within Cushing set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cushing 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 Cushing's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74023 zip code has both the highest and lowest median property tax rate of 0.90%. Understanding how these areas compare with Cushing provides valuable insights into the varying tax landscape across Creek County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cushing Tax Rate
0.90%
Average Creek County Tax Rate
0.88%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cushing, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74023 | 0.75% | 0.81% | 0.90% | 0.99% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Cushing, Oklahoma
In Cushing, 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 Creek 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 Cushing, 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 Cushing helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Cushing is $189,709, with tax bills ranging from $1,406 at the 25th percentile to $2,436 at the 90th percentile. The highest and lowest median tax bills are both $1,450 in zip code 74023.
Average Cushing Assessed Value
$189,709
Average Creek County Assessed Value
$130,263
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cushing, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74023 | $144,437 | $161,414 | $189,709 | $244,514 | $277,396 |
Source: Ownwell
Property Tax Bills Across Cushing, Oklahoma
In Cushing, located in Creek County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as local government budgets, school funding needs, and public services influence the tax rate. For homeowners in Cushing, the median home price is $189,709. The tax bill varies significantly, with the 25th percentile at $1,406, the 75th percentile at $2,066, and the 90th percentile reaching $2,436. Notably, the highest and lowest median tax bills in the area are both $1,450, indicating a consistent tax rate within the zip code 74023. Compared to the national median property tax rate of 0.99%, the tax burden in Cushing can affect homeowners differently, depending on the assessed value of their property and the specific tax rate applied. This system ensures that property taxes are proportionate to the value of the home, impacting each homeowner uniquely.
Average Cushing Tax Bill
$1,450
Average Creek County Tax Bill
$1,080
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Cushing, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74023 | $1,380 | $1,406 | $1,450 | $2,066 | $2,436 |
Source: Ownwell