Spencer, Oklahoma Property Taxes
The median property tax rate in Spencer, OK is 0.81%, 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 $103,000 in Spencer, the typical annual property tax bill amounts to $774, significantly below the national median of $2,690. Property taxes in Spencer are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Spencer'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 Spencer or another part of Oklahoma County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Spencer, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$834
Ownwell’s Spencer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spencer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spencer 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 Spencer, Oklahoma
Property taxes in Spencer, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spencer is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Spencer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spencer 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 Spencer's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73084 zip code has both the highest and lowest median property tax rate of 0.81%. Understanding how these cities compare with Spencer provides valuable insights into the varying tax landscape across Oklahoma County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Spencer Tax Rate
0.81%
Average Oklahoma County Tax Rate
1.00%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spencer, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73084 | 0.42% | 0.61% | 0.81% | 1.01% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Spencer, Oklahoma
In Spencer, 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 Oklahoma 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 Spencer, 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. The median home price in Spencer is $103,000, and the tax bill ranges from $437 at the 25th percentile to $1,692 at the 90th percentile. The zip code 73084 has both the highest and lowest median tax bill at $774. Being aware of these valuation processes in Spencer helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Spencer Assessed Value
$103,000
Average Oklahoma County Assessed Value
$192,500
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Spencer, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73084 | $30,080 | $62,500 | $103,000 | $147,000 | $189,500 |
Source: Ownwell
Property Tax Bills Across Spencer, Oklahoma
In Spencer, located in Oklahoma County, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is typically a percentage of the market value of the property. For instance, with a median home price of $103,000, homeowners can expect their property tax bill to vary significantly. The tax bill for homeowners in the 25th percentile is around $437, while those in the 75th percentile pay approximately $1,155. At the higher end, the 90th percentile tax bill reaches up to $1,692. These figures reflect how property taxes can fluctuate based on property value and other factors such as local tax rates and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Spencer's tax rates offer a perspective on how local assessments can impact financial obligations for homeowners. Understanding these factors is crucial for homeowners as they navigate their annual property tax responsibilities.
Average Spencer Tax Bill
$774
Average Oklahoma County Tax Bill
$1,891
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Spencer, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73084 | $192 | $437 | $774 | $1,155 | $1,692 |
Source: Ownwell