Idabel, Oklahoma Property Taxes
The median property tax rate in Idabel, OK is 0.72%, considerably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Idabel, the typical annual property tax bill reaches $437, significantly below the national median of $2,690. Property taxes in Idabel are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Idabel'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 Idabel 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
Idabel, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$463
Ownwell’s Idabel Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Idabel with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Idabel 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 Idabel, Oklahoma
Property taxes in Idabel, Oklahoma, are essential for funding key local services such as public schools, road maintenance, and emergency services. The median tax rate in Idabel is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Idabel set these rates annually, and they can vary across different neighborhoods. Each year, Idabel 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 Idabel's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the 74745 zip code has both the highest and lowest median property tax rate of 0.72%. Understanding how these cities compare with Idabel provides valuable insights into the varying tax landscape across McCurtain County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Idabel Tax Rate
0.72%
Average Mccurtain County Tax Rate
0.79%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Idabel, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74745 | 0.33% | 0.53% | 0.72% | 0.92% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Idabel, Oklahoma
In Idabel, 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 McCurtain 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 Idabel, 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 Idabel helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 74745 in Idabel has the highest and lowest median tax bill, both at $437. With the median home price at $64,270, knowing these details can significantly impact your financial planning and property tax management.
Average Idabel Assessed Value
$64,270
Average Mccurtain County Assessed Value
$64,043
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Idabel, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74745 | $20,104 | $34,690 | $64,270 | $103,753 | $169,493 |
Source: Ownwell
Property Tax Bills Across Idabel, Oklahoma
In Idabel, located in McCurtain County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local taxing authorities determine the tax rate, which is then applied to the assessed value to calculate the annual property tax bill. Factors such as the home's location, size, and condition can influence its assessed value. For homeowners in Idabel, the median home price stands at $64,270. Property tax bills vary significantly, with the 25th percentile at $219 and the 75th percentile at $796, reflecting the range of property values and assessment rates. At the 90th percentile, homeowners may see tax bills as high as $1,416. Compared to the national median property tax rate of 0.99%, Idabel's property taxes are relatively low. However, these taxes still play a crucial role in funding local services such as schools, roads, and emergency services, directly impacting the quality of life for residents.
Average Idabel Tax Bill
$437
Average Mccurtain County Tax Bill
$440
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Idabel, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74745 | $104 | $219 | $437 | $796 | $1,416 |
Source: Ownwell