Corn, Oklahoma Property Taxes
The median property tax rate in Corn, OK is 0.86%, 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 Corn at $58,058, the typical annual property tax bill is $446, significantly below the national median of $2,690. Property taxes in Corn are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Corn'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 Corn 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
Corn, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$499
Ownwell’s CORN Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in CORN with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in CORN 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 Corn, Oklahoma
Property taxes in Corn, Oklahoma, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Corn is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Corn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Corn 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 Corn's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73024 zip code has the highest median property tax rate of 0.86%, while the same zip code also has the lowest median tax rate of 0.86%. Understanding how these areas compare with Corn 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 Corn Tax Rate
0.86%
Average Washita County Tax Rate
0.77%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Corn, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73024 | 0.56% | 0.72% | 0.86% | 0.94% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Corn, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Corn, Oklahoma. 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 Corn, 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 Corn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Corn are both $446, found in the 73024 zip code.
Average Corn Assessed Value
$58,058
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 Corn, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73024 | $20,376 | $32,171 | $58,058 | $96,306 | $151,440 |
Source: Ownwell
Property Tax Bills Across Corn, Oklahoma
In CORN, located in Washita County, OK, property tax bills are determined by assessing the market value of a property and applying the local tax rate. The median home price in CORN is $58,058, which serves as a baseline for calculating the tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in CORN experience a range of property tax bills, with the 25th percentile at $242 and the 75th percentile at $833. The 90th percentile tax bill reaches up to $1,376. The highest and lowest median tax bill in the area is $446, occurring in the 73024 zip code. Comparatively, the national median property tax rate is 0.99%, making CORN's property tax rates relatively moderate. These taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life. For homeowners, understanding these factors is crucial for financial planning and managing annual expenses.
Average Corn Tax Bill
$446
Average Washita County Tax Bill
$399
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Corn, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73024 | $160 | $242 | $446 | $833 | $1,376 |
Source: Ownwell