Cotton County Property Taxes
The median property tax rate in Cotton County is 0.94%, which is slightly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Cotton County at $65,187, the typical annual property tax bill is $542, significantly below the national median of $2,690. Property taxes in Cotton County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Cotton County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Walters or another part of Cotton County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cotton County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$613
Ownwell’s Cotton County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Cotton County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Cotton County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Cotton County, Oklahoma
Property taxes in Cotton County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Cotton County is 0.94%, which is lower than the U.S. national median of 0.99%. Local government entities within Cotton County set these rates annually, and they can vary significantly between different areas within the county. Each year, Cotton County estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Cotton County's effective property tax rate with other counties in Oklahoma and the national median. For comparison, the city of Temple has one of the higher property tax rates in Oklahoma at 1.03%, while the city of Faxon boasts one of the lowest at 0.86%. Analyzing how Cotton County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Cotton County Tax Rate
0.94%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cotton County, Oklahoma
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Chattanooga | 0.74% | 0.79% | 0.93% | 1.01% | 1.04% |
| Comanche | 0.85% | 0.86% | 0.89% | 0.95% | 0.99% |
| Devol | 0.85% | 0.94% | 1.02% | 1.02% | 1.02% |
| Duncan | 0.82% | 0.89% | 0.98% | 1.02% | 1.05% |
| Faxon | 0.86% | 0.86% | 0.86% | 0.86% | 0.86% |
| Geronimo | 0.84% | 0.91% | 1.00% | 1.13% | 1.19% |
| Grandfield | 0.79% | 0.93% | 0.94% | 1.01% | 1.02% |
| Hastings | 0.71% | 0.94% | 1.00% | 1.04% | 1.04% |
| Randlett | 0.70% | 0.89% | 1.02% | 1.02% | 1.02% |
| Temple | 0.65% | 0.84% | 1.03% | 1.04% | 1.04% |
| Walters | 0.61% | 0.73% | 0.87% | 1.00% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Cotton County, Oklahoma
In Cotton County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Cotton County Appraisal District. The assessed value, however, 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. Assessment notices in Cotton County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For instance, the median home price in Cotton County is $65,187, with annual tax bills ranging from $276 in Temple to $1,466 in Geronimo. Being aware of these valuation processes will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Cotton County Assessed Value
$65,187
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cotton County, Oklahoma
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Chattanooga | $47,432 | $76,448 | $105,904 | $168,141 | $220,889 |
| Comanche | $22,330 | $46,255 | $104,362 | $136,930 | $142,536 |
| Devol | $31,518 | $53,614 | $85,856 | $135,839 | $213,080 |
| Duncan | $3,553 | $43,787 | $110,326 | $137,902 | $148,135 |
| Faxon | $156,623 | $156,623 | $156,623 | $156,623 | $156,623 |
| Geronimo | $47,937 | $90,404 | $144,544 | $204,823 | $238,532 |
| Grandfield | $58,120 | $104,741 | $118,960 | $146,857 | $198,689 |
| Hastings | $41,770 | $78,902 | $105,690 | $162,527 | $247,078 |
| Randlett | $14,984 | $24,602 | $47,859 | $83,680 | $147,234 |
| Temple | $7,510 | $14,967 | $32,614 | $53,232 | $89,596 |
| Walters | $27,213 | $43,191 | $77,204 | $122,409 | $196,295 |
Source: Ownwell
Property Tax Bills Across Cotton County, Oklahoma
In Cotton County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Cotton County is $65,187. Homeowners can expect their tax bills to vary significantly depending on their property's assessed value and the local tax rate. For instance, the 25th percentile tax bill is around $306, while the 75th percentile reaches $959, and the 90th percentile can go up to $1,634. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. These factors collectively determine the financial burden on homeowners. Compared to the national median property tax rate of 0.99%, Cotton County offers a relatively lower tax rate, making it more affordable for residents. However, within the county, there is still considerable variation. For example, Geronimo has the highest median tax bill at $1,466, while Temple has the lowest at $276, highlighting the disparities within the region.
Average Cotton County Tax Bill
$542
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Cotton County, Oklahoma
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Chattanooga | $351 | $683 | $996 | $1,664 | $2,251 |
| Comanche | $179 | $328 | $632 | $1,151 | $1,250 |
| Devol | $317 | $482 | $814 | $1,343 | $2,144 |
| Duncan | $36 | $136 | $723 | $1,249 | $1,561 |
| Faxon | $1,349 | $1,349 | $1,349 | $1,349 | $1,349 |
| Geronimo | $507 | $785 | $1,466 | $2,094 | $2,376 |
| Grandfield | $503 | $978 | $1,123 | $1,495 | $2,018 |
| Hastings | $365 | $689 | $967 | $1,595 | $2,498 |
| Randlett | $126 | $212 | $442 | $806 | $1,523 |
| Temple | $61 | $132 | $276 | $508 | $812 |
| Walters | $232 | $372 | $600 | $1,002 | $1,693 |
Source: Ownwell