Colony, Caddo County, Oklahoma Property Taxes
The median property tax rate in Colony, OK is 0.67%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value in Colony of $109,240, the typical annual property tax bill amounts to $624, well below the national median of $2,690. Property taxes in Colony are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Colony'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 Colony 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
Colony, Caddo County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.67%
Estimate Property Tax Bill
$732
$679
Ownwell’s COLONY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in COLONY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in COLONY 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 Colony, Caddo County, Oklahoma
Property taxes in Colony, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Colony is 0.67%, which is lower than the U.S. national median of 0.99%. Local government entities within Colony set these rates annually, and they can vary significantly across different neighborhoods. Each year, Colony 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 Colony's effective property tax rate to other regions in Oklahoma and the national median. For comparison, the zip code 73021 has both the highest and lowest median property tax rate of 0.67%. Understanding how these areas compare with Colony provides valuable insights into the varying tax landscape across Caddo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Colony Tax Rate
0.67%
Average Caddo County Tax Rate
0.63%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colony, Caddo County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73021 | 0.49% | 0.59% | 0.67% | 0.76% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Colony, Caddo County, Oklahoma
In COLONY, 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 Caddo County Appraisal District 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 COLONY, 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 median home price in COLONY is $109,240, with tax bills ranging from $406 at the 25th percentile to $1,460 at the 90th percentile. The highest median tax bill in the area is $624 in zip code 73021. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Colony, Caddo County, Oklahoma
Source: Ownwell
$39,880
$74,560
$109,240
Average Colony Assessed Value
$109,240
Average Caddo County Assessed Value
$58,902
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Colony, Caddo County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73021 | $50,941 | $67,795 | $109,240 | $149,550 | $199,980 |
Source: Ownwell
Property Tax Bills Across Colony, Caddo County, Oklahoma
In Colony, located in Caddo County, Oklahoma, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $109,240, the property tax rate in Colony is relatively low compared to the national median property tax rate of 0.99%. Homeowners in Colony can expect their tax bills to vary significantly. At the 25th percentile, tax bills are around $406, while at the 75th percentile, they can reach up to $1,120. For those in the 90th percentile, tax bills can be as high as $1,460. These variations depend on factors such as property size, location, and any applicable exemptions. Understanding these factors helps homeowners better anticipate their financial responsibilities and manage their budgets effectively.
Average Colony Tax Bill
$624
Average Caddo County Tax Bill
$341
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Colony, Caddo County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73021 | $189 | $406 | $624 | $1,120 | $1,460 |
Source: Ownwell