Fort Cobb, Oklahoma Property Taxes
The median property tax rate in Fort Cobb, OK is 0.51%, considerably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Fort Cobb, the typical annual property tax bill reaches $312, significantly below the national median of $2,690. Property taxes in Fort Cobb are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Fort Cobb'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 Fort Cobb 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
Fort Cobb, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$342
Ownwell’s FORT COBB Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in FORT COBB with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FORT COBB 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 Fort Cobb, Oklahoma
Property taxes in Fort Cobb, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fort Cobb is 0.51%, which is lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Fort Cobb set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fort Cobb 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 Fort Cobb's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73038 zip code has the highest median property tax rate of 0.51%, while the same zip code also has the lowest median tax rate of 0.51%. Understanding how these cities compare with Fort Cobb 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 Fort Cobb Tax Rate
0.51%
Average Caddo County Tax Rate
0.63%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fort Cobb, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73038 | 0.24% | 0.37% | 0.51% | 0.70% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Fort Cobb, Oklahoma
In Fort Cobb, 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 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 Fort Cobb, 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 Fort Cobb helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $312 in zip code 73038, which is also the lowest median tax bill, reflecting the uniformity in property tax assessments within the region.
Average Fort Cobb Assessed Value
$67,110
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 Fort Cobb, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73038 | $25,196 | $38,205 | $67,110 | $107,720 | $163,895 |
Source: Ownwell
Property Tax Bills Across Fort Cobb, Oklahoma
In Fort Cobb, property tax bills are determined based on the assessed value of a property, which is derived from its market value. The tax rate applied to this assessed value in Caddo County is a key factor in calculating the final tax bill. For homeowners, this means that the amount they owe in property taxes can vary significantly depending on the value of their home. The median home price in Fort Cobb is $67,110. For properties at the 25th percentile, tax bills can be as low as $159, whereas those at the 75th percentile may see bills around $608. At the 90th percentile, homeowners could face tax bills as high as $1,143. Comparatively, the national median property tax rate is 0.99%, highlighting how local rates and property values influence the overall tax burden. Understanding these factors helps homeowners in Fort Cobb anticipate their property tax obligations and manage their finances more effectively.
Average Fort Cobb Tax Bill
$312
Average Caddo County Tax Bill
$341
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Fort Cobb, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73038 | $92 | $159 | $312 | $608 | $1,143 |
Source: Ownwell