Calvin, Oklahoma Property Taxes
The median property tax rate in Calvin, OK is 0.66%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Calvin at $100,030, the typical annual property tax bill is $657, well below the national median of $2,690. Property taxes in Calvin 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 Calvin'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 Calvin 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
Calvin, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$660
Ownwell’s Calvin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Calvin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Calvin 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 Calvin, Oklahoma
Property taxes in Calvin, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Calvin is 0.66%, which is lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Calvin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Calvin 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 Calvin's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74531 has both the highest and lowest median property tax rate of 0.66%. Understanding how these cities compare with Calvin provides valuable insights into the varying tax landscape across Coal County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Calvin Tax Rate
0.66%
Average Coal County Tax Rate
0.60%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Calvin, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74531 | 0.61% | 0.64% | 0.66% | 0.70% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Calvin, Oklahoma
In Calvin, 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 Coal 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 Calvin, 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 Calvin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Calvin is $657 in zip code 74531, while the lowest median tax bill is also $657 in the same zip code.
Average Calvin Assessed Value
$100,030
Average Coal County Assessed Value
$69,824
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Calvin, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74531 | $40,132 | $43,117 | $100,030 | $159,392 | $166,785 |
Source: Ownwell
Property Tax Bills Across Calvin, Oklahoma
In Calvin, located in Coal County, OK, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Calvin is $100,030. Homeowners can expect their property tax bills to vary significantly, with the 25th percentile of tax bills at $284 and the 75th percentile at $1,080. The 90th percentile reaches up to $1,189, indicating that higher-value properties incur more substantial taxes. Several factors influence these tax bills, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. The property tax rate in Calvin is relatively low compared to the national median property tax rate of 0.99%. For homeowners, these property taxes fund essential public services such as schools, infrastructure, and emergency services. Understanding how these elements contribute to the overall tax bill can help homeowners better manage their financial planning and ensure they are taking advantage of any available exemptions.
Average Calvin Tax Bill
$657
Average Coal County Tax Bill
$407
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Calvin, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74531 | $267 | $284 | $657 | $1,080 | $1,189 |
Source: Ownwell