Smithville, Oklahoma Property Taxes
The median property tax rate in Smithville, OK is 0.77%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Smithville at $37,205, the typical annual property tax bill amounts to $276, significantly below the national median of $2,690. Property taxes in Smithville are determined based on the tax assessed value, which is typically lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Smithville'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 Smithville or another part of McCurtain County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Smithville, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$286
Ownwell’s Smithville Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Smithville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smithville to project your property tax bill. This intuitive tool provides a clear understanding of potential tax liabilities. For those who want to delve deeper into neighborhood trends, more localized information is available below. Your property’s assessed value is determined by McCurtain County for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Smithville, Oklahoma
Property taxes in Smithville, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Smithville is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Smithville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smithville 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 Smithville's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74957 zip code has the highest median property tax rate of 0.77%, while the 74957 zip code also has the lowest median tax rate of 0.77%. Understanding how these cities compare with Smithville 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 Smithville Tax Rate
0.77%
Average Mccurtain County Tax Rate
0.79%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smithville, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74957 | 0.36% | 0.60% | 0.77% | 0.91% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Smithville, Oklahoma
In Smithville, 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 Smithville, 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 Smithville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Smithville is $37,205, with the 25th percentile tax bill at $153 and the 75th percentile tax bill at $518. The zip code 74957 has both the highest and lowest median tax bill at $276.
Average Smithville Assessed Value
$37,205
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 Smithville, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74957 | $16,136 | $25,064 | $37,205 | $66,667 | $123,457 |
Source: Ownwell
Property Tax Bills Across Smithville, Oklahoma
In Smithville, property tax bills are calculated based on the assessed value of a home, which is determined by the McCurtain County assessor. The assessed value is a percentage of the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions. For instance, the median home price in Smithville is $37,205. Homeowners in the 25th percentile pay around $153 in property taxes, while those in the 75th percentile pay approximately $518. At the 90th percentile, the tax bill can reach up to $1,059. Comparatively, the national median property tax rate is 0.99%, making Smithville's tax landscape relatively moderate. These taxes fund local services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners. Understanding these factors is crucial for homeowners to manage their finances effectively.
Average Smithville Tax Bill
$276
Average Mccurtain County Tax Bill
$440
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Smithville, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74957 | $100 | $153 | $276 | $518 | $1,059 |
Source: Ownwell