Tupelo, Coal County, Oklahoma Property Taxes
The median property tax rate in Tupelo, OK is 0.64%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Tupelo at $44,711, the typical annual property tax bill amounts to $261, well below the national median of $2,690. Property taxes in Tupelo 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 Tupelo'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 Tupelo or another part of Coal County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tupelo, Coal County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$286
$266
Ownwell’s Tupelo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tupelo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tupelo 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 Tupelo, Coal County, Oklahoma
Property taxes in Tupelo, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tupelo is 0.64%, lower than both the Oklahoma state median of 0.87% and the U.S. national median of 0.99%. Local government entities within Tupelo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tupelo 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 Tupelo's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74572 zip code has both the highest and lowest median property tax rate of 0.64%. Understanding how these cities compare with Tupelo 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 Tupelo Tax Rate
0.64%
Average Coal County Tax Rate
0.60%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tupelo, Coal County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74572 | 0.24% | 0.44% | 0.64% | 0.90% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Tupelo, Coal County, Oklahoma
In Tupelo, 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 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 Tupelo, 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 Tupelo 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 $261.00 in zip code 74572, while the lowest median tax bill is also $261.00 in the same zip code.
Property Tax Assessment Values Across Tupelo, Coal County, Oklahoma
Source: Ownwell
$42,769
$84,013
$125,256
Average Tupelo Assessed Value
$44,711
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 Tupelo, Coal County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74572 | $11,568 | $22,678 | $44,711 | $98,120 | $166,130 |
Source: Ownwell
Property Tax Bills Across Tupelo, Coal County, Oklahoma
Property tax bills in Tupelo, located in Coal County, OK, are determined by assessing the value of a property and applying the local tax rate to this assessed value. The median home price in Tupelo is $44,711. Homeowners can expect to pay a tax bill that typically ranges from $106 at the 25th percentile to $636 at the 75th percentile, with the 90th percentile reaching up to $1,234. The highest and lowest median tax bills in the area both stand at $261, specifically in the 74572 zip code. Several factors influence the final tax bill, including the assessed value of the property, local tax rates, and any applicable exemptions. These property taxes are essential for funding public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Compared to the national median property tax rate of 0.99%, Tupelo's property taxes offer a relatively affordable option for homeowners, making it an attractive place to live.
Average Tupelo Tax Bill
$261
Average Coal County Tax Bill
$407
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Tupelo, Coal County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74572 | $57 | $106 | $261 | $636 | $1,234 |
Source: Ownwell