Manitou, Oklahoma Property Taxes
The median property tax rate in Manitou, OK is 1.00%, slightly above the national median of 0.99% and higher than the Oklahoma state median of 0.97%. With the median home value in Manitou at $22,954, the typical annual property tax bill is $176, which is significantly lower than the national median of $2,690. Property taxes in Manitou are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Manitou'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 Manitou 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
Manitou, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$230
Ownwell’s Manitou Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Manitou with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Manitou 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 Manitou, Oklahoma
Property taxes in Manitou, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Manitou is 0.75%, lower than both the Oklahoma state median of 0.87% and the U.S. national median of 0.99%. Local government entities within Manitou set these rates annually, and they can vary significantly across different neighborhoods. Each year, Manitou 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 Manitou's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73555 zip code has the highest median property tax rate of 1.00%, while the same zip code also has the lowest median tax rate of 1.00%. Understanding how these cities compare with Manitou provides valuable insights into the varying tax landscape across Tillman County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Manitou Tax Rate
1.00%
Average Tillman County Tax Rate
0.98%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Manitou, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73555 | 0.41% | 0.69% | 1.00% | 1.14% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Manitou, Oklahoma
In Manitou, 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 Tillman 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 Manitou, 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. For instance, the median home price in Manitou is $22,954, with tax bills ranging from $106 at the 25th percentile to $436 at the 90th percentile. 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 Manitou helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Manitou Assessed Value
$22,954
Average Tillman County Assessed Value
$29,168
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Manitou, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73555 | $9,775 | $15,096 | $22,954 | $33,098 | $39,439 |
Source: Ownwell
Property Tax Bills Across Manitou, Oklahoma
In Manitou, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Tillman County. The assessed value is determined by the county assessor and is typically a percentage of the market value. Various factors influence this value, including the property's location, size, and condition. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. In Manitou, homeowners experience a range of property tax bills. For instance, the 25th percentile tax bill is $106, while the 75th percentile tax bill reaches $331. At the 90th percentile, homeowners may pay up to $436. These figures highlight the variability in tax burdens across different properties within the city. Comparatively, the national median property tax rate is 0.99%, which serves as a benchmark. Understanding these factors helps homeowners in Manitou anticipate their property tax obligations and manage their finances accordingly.
Average Manitou Tax Bill
$176
Average Tillman County Tax Bill
$271
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Manitou, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73555 | $55 | $106 | $176 | $331 | $436 |
Source: Ownwell