Carmen, Oklahoma Property Taxes
The median property tax rate in Carmen, OK is 0.37%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $171,057 in Carmen, the typical annual property tax bill amounts to $566, far below the national median of $2,690. Property taxes in Carmen are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Carmen'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 Carmen or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Carmen, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.37%
Estimate Property Tax Bill
$633
Ownwell’s Carmen Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Carmen with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Carmen to provide an estimate of 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 Carmen, Oklahoma
Property taxes in Carmen, Oklahoma, play a critical role in financing essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Carmen is 0.37%, which is lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Carmen set these rates annually, and they can vary significantly across different neighborhoods. Each year, Carmen 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 Carmen's effective property tax rate to other counties in Oklahoma and the national median. Understanding how these cities compare with Carmen provides valuable insights into the varying tax landscape across Woods County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Carmen Tax Rate
0.37%
Average Woods County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Carmen, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73726 | 0.26% | 0.33% | 0.37% | 0.49% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Carmen, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Carmen, Oklahoma. The market value represents 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 Woods 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 Carmen, 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 zip code 73726 has both the highest and lowest median tax bill, which stands at $566. 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 Carmen helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Carmen Assessed Value
$171,057
Average Woods County Assessed Value
$89,049
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Carmen, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73726 | $102,847 | $133,524 | $171,057 | $256,101 | $279,511 |
Source: Ownwell
Property Tax Bills Across Carmen, Oklahoma
In Carmen, located in Woods County, OK, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For instance, with a median home price of $171,057, the property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property improvements, neighborhood developments, and overall market trends can influence this assessed value. Homeowners in Carmen can expect their tax bills to vary significantly. For example, tax bills at the 25th percentile are around $474, while those at the 75th percentile reach approximately $1,238. At the higher end, the 90th percentile tax bill can be as much as $1,564. These variations highlight the impact of property value assessments and local tax rates on homeowners' annual expenses. Compared to the national median property tax rate of 0.99%, Carmen's property taxes are relatively moderate, offering a more affordable living situation for its residents.
Average Carmen Tax Bill
$566
Average Woods County Tax Bill
$565
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Carmen, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73726 | $347 | $474 | $566 | $1,238 | $1,564 |
Source: Ownwell