Eldorado, Oklahoma Property Taxes
The median property tax rate in Eldorado, OK is 1.06%, slightly higher than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Eldorado at $54,118, the typical annual property tax bill reaches $542, which is significantly lower than the national median of $2,690. Property taxes in Eldorado 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 Eldorado'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 Eldorado 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
Eldorado, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$574
Ownwell’s Eldorado Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Eldorado with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Eldorado 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 Eldorado, Oklahoma
Property taxes in Eldorado, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Eldorado is 1.06%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Eldorado set these rates annually, and they can vary significantly across different neighborhoods. Each year, Eldorado 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 Eldorado's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73537 has the highest median property tax rate of 1.06%, while the same zip code also has the lowest median tax rate of 1.06%. Understanding how these cities compare with Eldorado provides valuable insights into the varying tax landscape across Harmon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Eldorado Tax Rate
1.06%
Average Harmon County Tax Rate
1.09%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Eldorado, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73537 | 0.97% | 1.01% | 1.06% | 1.13% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Eldorado, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Eldorado, Oklahoma. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Harmon County Assessor's Office 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 Eldorado, 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. For instance, the median home price in Eldorado is $54,118, with tax bills ranging from $359 at the 25th percentile to $1,106 at the 90th percentile. The highest and lowest median tax bills in the area are both $542, found in the 73537 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Eldorado Assessed Value
$54,118
Average Harmon County Assessed Value
$33,150
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Eldorado, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73537 | $28,167 | $36,584 | $54,118 | $76,934 | $99,233 |
Source: Ownwell
Property Tax Bills Across Eldorado, Oklahoma
In Eldorado, property tax bills are determined by assessing the value of a property and applying the local tax rate. The assessed value is a percentage of the market value, which in Eldorado is influenced by factors such as the property's size, location, and condition. For instance, the median home price in Eldorado is $54,118. Homeowners in Eldorado can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $359, while the 75th percentile tax bill is $849. At the higher end, the 90th percentile tax bill reaches $1,106. These variations are affected by the assessed value and the specific tax rate applied within Harmon County. Compared to the national median property tax rate of 0.99%, Eldorado's tax rates are relatively moderate, making it an appealing location for homeowners seeking affordability. However, understanding these factors is crucial for homeowners to budget effectively and anticipate their annual property tax obligations.
Average Eldorado Tax Bill
$542
Average Harmon County Tax Bill
$322
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Eldorado, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73537 | $317 | $359 | $542 | $849 | $1,106 |
Source: Ownwell