Caney, Oklahoma Property Taxes
The median property tax rate in Caney, OK is 0.71%, which is notably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $97,896 in Caney, the typical annual property tax bill amounts to $678, significantly below the national median of $2,690. Property taxes in Caney 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 Caney'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 Caney 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
Caney, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$695
Ownwell’s Caney Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Caney with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Caney 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 Caney, Oklahoma
Property taxes in Caney, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Caney is 0.71%, which is lower than the U.S. national median of 0.99%. Local government entities within Caney set these rates annually, and they can vary significantly across different neighborhoods. Each year, Caney 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 Caney's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the highest and lowest median property tax rates in Atoka County are both 0.71%, which matches Caney's rate. Understanding how these cities compare with Caney provides valuable insights into the varying tax landscape across Atoka County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Caney Tax Rate
0.71%
Average Atoka County Tax Rate
0.71%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Caney, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74533 | 0.35% | 0.53% | 0.71% | 0.89% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Caney, Oklahoma
In Caney, 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 Atoka 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 Caney, 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 Caney helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Caney are both $678, found in the zip code 74533.
Average Caney Assessed Value
$97,896
Average Atoka County Assessed Value
$86,760
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Caney, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74533 | $37,976 | $57,746 | $97,896 | $163,538 | $228,095 |
Source: Ownwell
Property Tax Bills Across Caney, Oklahoma
In Caney, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. This assessed value is then multiplied by the local tax rate, which varies by county and city. Homeowners in Caney, located in Atoka County, experience property tax rates that can significantly impact their annual expenses. For instance, the median home price in Caney is $97,896, and the property tax bill for the 25th percentile is $378, while the 75th percentile sees a tax bill of $1,228, and the 90th percentile reaches up to $2,070. These figures indicate that property taxes in Caney can vary widely, affecting homeowners differently based on their property's assessed value. Compared to the national median property tax rate of 0.99%, Caney's property tax bills reflect a range that can either be below or above the national average, depending on the specific property and its assessed value. This variability underscores the importance of understanding local tax rates and how they influence overall homeownership costs.
Average Caney Tax Bill
$678
Average Atoka County Tax Bill
$584
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Caney, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74533 | $178 | $378 | $678 | $1,228 | $2,070 |
Source: Ownwell