Canute, Oklahoma Property Taxes
The median property tax rate in Canute, OK is 0.67%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Canute at $77,884, the typical annual property tax bill is $449, well below the national median of $2,690. Property taxes in Canute are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Canute'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 Canute 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
Canute, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.67%
Estimate Property Tax Bill
$522
Ownwell’s Canute Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Canute with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Canute 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 Canute, Oklahoma
Property taxes in Canute, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Canute is 0.67%, which is lower than the U.S. national median of 0.99%. Local government entities within Canute set these rates annually, and they can vary significantly across different neighborhoods. Each year, Canute 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 Canute's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73626 zip code has the median property tax rate of 0.67%. Understanding how these cities compare with Canute provides valuable insights into the varying tax landscape across Washita County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Canute Tax Rate
0.67%
Average Washita County Tax Rate
0.77%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Canute, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73626 | 0.36% | 0.49% | 0.67% | 0.82% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Canute, Oklahoma
In Canute, 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 Washita 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 Canute, 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 Canute helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Canute are both $449, found in the 73626 zip code.
Average Canute Assessed Value
$77,884
Average Washita County Assessed Value
$56,348
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Canute, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73626 | $19,186 | $38,151 | $77,884 | $133,184 | $238,724 |
Source: Ownwell
Property Tax Bills Across Canute, Oklahoma
In Canute, located in Washita County, OK, property tax bills are determined by assessing the market value of homes and applying the local tax rate. For homeowners, the median home price stands at $77,884. The property tax rate in this area is calculated based on this assessed value, which influences the final tax bill. Factors such as property size, location, and improvements can impact the assessed value, thereby affecting the tax amount. Homeowners in Canute can expect varying tax bills depending on their property’s assessed value. The 25th percentile tax bill is around $229, while the 75th percentile tax bill reaches up to $850. For those at the higher end, the 90th percentile tax bill can be as high as $1,702. Interestingly, the highest and lowest median tax bills in the area both stand at $449, specifically in the 73626 zip code. Compared to the national median property tax rate of 0.99%, Canute’s tax rates can be quite favorable, providing some relief to homeowners.
Average Canute Tax Bill
$449
Average Washita County Tax Bill
$399
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Canute, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73626 | $103 | $229 | $449 | $850 | $1,702 |
Source: Ownwell