Mustang, Oklahoma Property Taxes
The median property tax rate in Mustang, OK is 0.94%, slightly below the state median of 0.97% and the national median of 0.99%. With the median home value in Mustang at $231,723, the typical annual property tax bill is $2,084, which is lower than the national median of $2,690. Property taxes in Mustang 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 Mustang'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 Mustang or another part of Canadian County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mustang, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$2,178
Ownwell’s Mustang Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mustang with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mustang 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 Mustang, Oklahoma
Property taxes in Mustang, Oklahoma, are essential in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Mustang is 0.94%, slightly below the U.S. national median of 0.99%. Local government entities within Mustang set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mustang 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 Mustang's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73064 has both the highest and lowest median property tax rate of 0.94%. Understanding how these areas compare with Mustang provides valuable insights into the varying tax landscape across Canadian County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mustang Tax Rate
0.94%
Average Canadian County Tax Rate
1.01%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mustang, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73064 | 0.70% | 0.83% | 0.94% | 1.06% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Mustang, Oklahoma
In Mustang, 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 Canadian 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 Mustang, 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 Mustang helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Mustang are both $2084.00, found in the 73064 zip code.
Average Mustang Assessed Value
$231,723
Average Canadian County Assessed Value
$228,594
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mustang, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73064 | $130,158 | $170,818 | $231,723 | $299,724 | $404,334 |
Source: Ownwell
Property Tax Bills Across Mustang, Oklahoma
In Mustang, located in Canadian County, OK, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. Once the assessed value is established, various tax rates set by local taxing entities, such as school districts and municipal governments, are applied to calculate the final tax bill. For homeowners in Mustang, the median home price is $231,723. Property tax bills can vary significantly, with the 25th percentile at $1,423 and the 75th percentile reaching $2,993. At the higher end, the 90th percentile tax bill is $4,352. These numbers highlight the range of property tax burdens homeowners may experience, influenced by factors such as property value and specific local tax rates. Understanding these factors is crucial for homeowners as property taxes can significantly impact household budgets. Compared to the national median property tax rate of 0.99%, residents in Mustang may find their tax bills to be quite competitive.
Average Mustang Tax Bill
$2,084
Average Canadian County Tax Bill
$2,244
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Mustang, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73064 | $1,024 | $1,423 | $2,084 | $2,993 | $4,352 |
Source: Ownwell