Coleman, Oklahoma Property Taxes
The median property tax rate in Coleman, Oklahoma is 0.56%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $124,147 in Coleman, the typical annual property tax bill amounts to $556, which is well below the national median of $2,690. Property taxes in Coleman are determined based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Coleman'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 Coleman 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
Coleman, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$695
Ownwell’s Coleman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Coleman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Coleman 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 Coleman, Oklahoma
Property taxes in Coleman, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Coleman is 0.56%, which is below the U.S. national median of 0.99%. Local government entities within Coleman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Coleman 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 Coleman's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73432 has both the highest and lowest median property tax rate in the area, standing at 0.56%. Understanding how these cities compare with Coleman provides valuable insights into the varying tax landscape across Johnston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Coleman Tax Rate
0.56%
Average Johnston County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Coleman, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73432 | 0.28% | 0.38% | 0.56% | 0.73% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Coleman, Oklahoma
In Coleman, 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 Johnston 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 Coleman, 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 Coleman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Coleman are both $556.00, found in zip code 73432.
Average Coleman Assessed Value
$124,147
Average Johnston County Assessed Value
$84,611
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Coleman, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73432 | $39,391 | $67,752 | $124,147 | $197,687 | $282,157 |
Source: Ownwell
Property Tax Bills Across Coleman, Oklahoma
In Coleman, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For homeowners in Coleman, the median home price is $124,147. Property tax bills can vary significantly, with the 25th percentile at $337, the 75th percentile at $1103, and the 90th percentile reaching up to $1816. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. Homeowners in Coleman should be aware that property taxes can have a substantial impact on their annual budget. Compared to the national median property tax rate of 0.99%, Coleman’s rates reflect the unique economic conditions of Johnston County. Understanding these factors can help homeowners better plan for their financial obligations and potentially explore opportunities for tax appeals or exemptions to reduce their burden.
Average Coleman Tax Bill
$556
Average Johnston County Tax Bill
$521
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Coleman, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73432 | $176 | $337 | $556 | $1,103 | $1,816 |
Source: Ownwell