Copan, Oklahoma Property Taxes
The median property tax rate in Copan, OK is 0.83%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value in Copan of $91,625, the typical annual property tax bill is approximately $690, significantly less than the national median of $2,690. Property taxes in Copan are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Copan'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 Copan or another part of Washington County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Copan, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$760
Ownwell’s Copan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Copan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Copan 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 Copan, Oklahoma
Property taxes in Copan, OK, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Copan is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Copan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Copan 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 Copan's effective property tax rate to other areas in Washington County and the national median. For comparison, the 74022 zip code has both the highest and lowest median property tax rate of 0.83%. Understanding how these areas compare with Copan provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Copan Tax Rate
0.83%
Average Washington County Tax Rate
1.17%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Copan, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74022 | 0.35% | 0.56% | 0.83% | 0.98% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Copan, Oklahoma
In Copan, 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 Washington 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 Copan, 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 Copan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Copan are both $690, found in zip code 74022.
Average Copan Assessed Value
$91,625
Average Washington County Assessed Value
$108,690
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Copan, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74022 | $32,690 | $57,380 | $91,625 | $139,525 | $205,838 |
Source: Ownwell
Property Tax Bills Across Copan, Oklahoma
In Copan, located in Washington County, OK, property tax bills are calculated based on the assessed value of a home. The assessed value is typically a percentage of the market value, which is determined by the county assessor. For example, if the median home price is $91,625, the assessed value would be a fraction of this amount. The tax rate is then applied to this assessed value to determine the tax bill. In Copan, the median property tax bill is around $690. Homeowners in the 25th percentile can expect to pay approximately $359, while those in the 75th percentile may see bills around $1,153. For the top 10% of homeowners, tax bills can reach up to $1,810. These property taxes fund essential public services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Copan's rates offer a relatively affordable option for homeowners, helping to keep overall housing costs manageable.
Average Copan Tax Bill
$690
Average Washington County Tax Bill
$1,167
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Copan, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74022 | $164 | $359 | $690 | $1,153 | $1,810 |
Source: Ownwell