Colbert, Oklahoma Property Taxes
The median property tax rate in Colbert, OK is 0.62%, which is significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Colbert at $92,077, the typical annual property tax bill is around $555, well below the national median of $2,690. Property taxes in Colbert are calculated based on the assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Colbert'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 Colbert or another part of Bryan County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Colbert, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$571
Ownwell’s Colbert Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Colbert with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Colbert 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 Colbert, Oklahoma
Property taxes in Colbert, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Colbert is 0.62%, significantly lower than the U.S. national median of 0.99%. Local government entities within Colbert set these rates annually, and they can vary significantly across different neighborhoods. Each year, Colbert 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 Colbert's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74733 zip code has both the highest and lowest median property tax rate of 0.62%. Understanding how these areas compare with Colbert provides valuable insights into the varying tax landscape across Bryan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Colbert Tax Rate
0.62%
Average Bryan County Tax Rate
0.83%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colbert, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74733 | 0.36% | 0.48% | 0.62% | 0.79% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Colbert, Oklahoma
In Colbert, 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 Bryan 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 Colbert, 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 Colbert helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the region is $555.00 in zip code 74733, while the lowest median tax bill is also $555.00 in the same zip code.
Average Colbert Assessed Value
$92,077
Average Bryan County Assessed Value
$117,512
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Colbert, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74733 | $33,737 | $57,306 | $92,077 | $150,904 | $239,896 |
Source: Ownwell
Property Tax Bills Across Colbert, Oklahoma
In Colbert, located in Bryan County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Colbert is $92,077. Tax authorities determine the assessed value and apply the local tax rate to calculate the tax bill. The tax rate in Bryan County is relatively low compared to the national median property tax rate of 0.99%. Homeowners in Colbert can expect their tax bills to vary. For instance, the 25th percentile tax bill is around $319, while the 75th percentile reaches $988. At the 90th percentile, homeowners might see tax bills as high as $1,633. These variations depend on the specific assessed value and any applicable exemptions or deductions. The highest and lowest median tax bills in the area are both recorded at $555 in the zip code 74733. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Colbert Tax Bill
$555
Average Bryan County Tax Bill
$903
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Colbert, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74733 | $168 | $319 | $555 | $988 | $1,633 |
Source: Ownwell