Devol, Cotton County, Oklahoma Property Taxes
The median property tax rate in Devol, OK is 1.02%, slightly higher than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Devol at $85,856, the typical annual property tax bill amounts to $814, which is below the national median of $2,690. Property taxes in Devol are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Devol'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 Devol or another part of Cotton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Devol, Cotton County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$876
$813
Ownwell’s Devol Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Devol with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Devol 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 Devol, Cotton County, Oklahoma
Property taxes in Devol, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Devol is 1.02%, which is higher than the U.S. national median of 0.99%. Local government entities within Devol set these rates annually, and they can vary significantly across different neighborhoods. Each year, Devol 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 Devol's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73531 zip code has both the highest and lowest median property tax rate of 1.02%. Understanding how these areas compare with Devol 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 Devol Tax Rate
1.02%
Average Cotton County Tax Rate
0.94%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Devol, Cotton County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73531 | 0.85% | 0.94% | 1.02% | 1.02% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Devol, Cotton County, Oklahoma
In Devol, 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 Assessor's Office 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 Devol, 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. The median home price in Devol is $85,856, with tax bills ranging from $482 at the 25th percentile to $2,144 at the 90th percentile. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Devol, Cotton County, Oklahoma
Source: Ownwell
$32,614
$88,579
$144,544
Average Devol Assessed Value
$85,856
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 Devol, Cotton County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73531 | $31,518 | $53,614 | $85,856 | $135,839 | $213,080 |
Source: Ownwell
Property Tax Bills Across Devol, Cotton County, Oklahoma
In Devol, located 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 here is $85,856. Property taxes are then determined by applying the local tax rate to this assessed value. Several factors influence the tax bill, including the home's location, size, and any applicable exemptions, which can reduce the taxable value. For homeowners, property taxes in Devol can vary significantly. For instance, the 25th percentile tax bill is $482, while the 75th percentile tax bill is $1,343. At the higher end, the 90th percentile tax bill reaches $2,144. The highest median tax bill in the area is $814, which is considerably lower than the national median property tax rate of 0.99%. These variations can impact homeowners' finances differently, depending on their home's assessed value and the specific tax rate applied.
Average Devol Tax Bill
$814
Average Cotton County Tax Bill
$542
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Devol, Cotton County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73531 | $317 | $482 | $814 | $1,343 | $2,144 |
Source: Ownwell