Chattanooga, Cotton County, Oklahoma Property Taxes
The median property tax rate in Chattanooga, OK is 0.93%, slightly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Chattanooga at $105,904, the typical annual property tax bill is $996, which is below the national median of $2,690. Property taxes in Chattanooga 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 Chattanooga'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 Chattanooga 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
Chattanooga, Cotton County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$985
$914
Ownwell’s Chattanooga Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chattanooga with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chattanooga 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 Chattanooga, Cotton County, Oklahoma
Property taxes in Chattanooga, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chattanooga is 0.93%, which is slightly below the U.S. national median of 0.99%. Local government entities within Chattanooga set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chattanooga 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 Chattanooga's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73528 zip code has the same median property tax rate of 0.93%. Understanding how these cities compare with Chattanooga provides valuable insights into the varying tax landscape across Cotton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chattanooga Tax Rate
0.93%
Average Cotton County Tax Rate
0.94%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chattanooga, Cotton County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73528 | 0.74% | 0.79% | 0.93% | 1.01% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Chattanooga, Cotton County, Oklahoma
In Chattanooga, 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 Cotton 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 Chattanooga, 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. For instance, the zip code with the highest median tax bill is 73528, at $996, while the lowest median tax bill is also in 73528, at $996. Being aware of these valuation processes in Chattanooga helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Chattanooga, Cotton County, Oklahoma
Source: Ownwell
$32,614
$88,579
$144,544
Average Chattanooga Assessed Value
$105,904
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 Chattanooga, Cotton County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73528 | $47,432 | $76,448 | $105,904 | $168,141 | $220,889 |
Source: Ownwell
Property Tax Bills Across Chattanooga, Cotton County, Oklahoma
In Chattanooga, property tax bills are determined by assessing the property's market value and applying the local tax rate. The assessed value is a percentage of the market value, which is then multiplied by the tax rate set by Cotton County. For example, with a median home price of $105,904, homeowners can expect varying tax bills depending on their property's assessed value and specific tax rate. The tax bill can significantly impact homeowners, with the 25th percentile paying around $683 and the 75th percentile facing bills up to $1,664. At the higher end, the 90th percentile tax bill reaches $2,251. These figures highlight the range of property tax liabilities that homeowners might encounter, which can influence their financial planning and overall cost of homeownership. Compared to the national median property tax rate of 0.99%, Chattanooga's rates reflect the local economic conditions and funding needs for public services. Ultimately, understanding how property tax bills are calculated helps homeowners anticipate their annual expenses and manage their budgets effectively.
Average Chattanooga Tax Bill
$996
Average Cotton County Tax Bill
$542
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Chattanooga, Cotton County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73528 | $351 | $683 | $996 | $1,664 | $2,251 |
Source: Ownwell