Mcloud, Oklahoma Property Taxes
The median property tax rate in McLoud, OK is 0.76%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $92,924 in McLoud, the typical annual property tax bill amounts to $594, significantly below the national median of $2,690. Property taxes in McLoud are calculated based on the assessed value, which is often lower than the market value due to exemptions like primary residence and agricultural exemptions. By understanding McLoud's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve substantial annual savings. Whether you're in the heart of McLoud or another part of Lincoln County, gaining insight into the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Mcloud, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$706
Ownwell’s McLoud Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in McLoud with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in McLoud 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 Mcloud, Oklahoma
Property taxes in McLoud, Oklahoma, are essential for funding key local services such as public schools, road maintenance, and emergency services. The median tax rate in McLoud is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within McLoud set these rates annually, and they can vary significantly across different neighborhoods. Each year, McLoud 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 McLoud's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74851 zip code in McLoud has the highest median property tax rate of 0.76%, while the same zip code also has the lowest median tax rate of 0.76%. Understanding how these cities compare with McLoud provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mcloud Tax Rate
0.76%
Average Lincoln County Tax Rate
0.78%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mcloud, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74851 | 0.31% | 0.55% | 0.76% | 0.91% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Mcloud, Oklahoma
In McLoud, 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 Lincoln County Assessor 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 McLoud, 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 McLoud helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $92,924, with tax bills ranging from $292 at the 25th percentile to $2,065 at the 90th percentile. The zip code 74851 has the highest and lowest median tax bill of $594.
Average Mcloud Assessed Value
$92,924
Average Lincoln County Assessed Value
$92,516
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mcloud, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74851 | $27,142 | $48,470 | $92,924 | $167,815 | $260,681 |
Source: Ownwell
Property Tax Bills Across Mcloud, Oklahoma
In McLoud, located in Lincoln County, OK, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine your annual tax bill. Several factors influence the assessed value, including the home's location, size, and condition. For instance, the median home price in McLoud is $92,924. Homeowners in McLoud experience a range of property tax bills. The 25th percentile tax bill is $292, while the 75th percentile tax bill reaches $1,182. Some homeowners face even higher bills, with the 90th percentile tax bill climbing to $2,065. These figures show that property taxes can vary significantly, impacting homeowners differently depending on their property's assessed value. Comparatively, McLoud's property tax rate is lower than the national median property tax rate of 0.99%, making it a relatively affordable area for property taxes. However, it's essential for homeowners to consider these factors when budgeting for annual expenses.
Average Mcloud Tax Bill
$594
Average Lincoln County Tax Bill
$648
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Mcloud, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74851 | $150 | $292 | $594 | $1,182 | $2,065 |
Source: Ownwell