Duncan, Cotton County, Oklahoma Property Taxes
The median property tax rate in Duncan, OK is 0.98%, slightly below the national median of 0.99% but just above the Oklahoma state median of 0.97%. With a median home value of $110,326 in Duncan, the typical annual property tax bill amounts to $723, which is significantly lower than the national median of $2,690. Property taxes in Duncan are determined based on the tax assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural land. By understanding Duncan's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're located in the core of Duncan or its surrounding areas, gaining insight into the local property tax system is essential for financial planning and investment strategies.
Last Updated June 14, 2024
Duncan, Cotton County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$1,081
$1,003
Ownwell’s Duncan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Duncan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Duncan 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 Duncan, Cotton County, Oklahoma
Property taxes in Duncan, Oklahoma, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Duncan is 0.98%, slightly lower than the U.S. national median of 0.99%. Local government entities within Duncan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Duncan 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. Understanding how these cities compare with Duncan 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 Duncan Tax Rate
0.98%
Average Cotton County Tax Rate
0.94%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Duncan, Cotton County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73533 | 0.82% | 0.89% | 0.98% | 1.02% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Duncan, Cotton County, Oklahoma
In Duncan, 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 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 Duncan, 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 Duncan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, the zip code with the highest median tax bill is 73533, where the median tax bill is $723.00. Similarly, the lowest median tax bill also occurs in the same zip code, 73533, with a median tax bill of $723.00.
Property Tax Assessment Values Across Duncan, Cotton County, Oklahoma
Source: Ownwell
$32,614
$88,579
$144,544
Average Duncan Assessed Value
$110,326
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 Duncan, Cotton County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73533 | $3,553 | $43,787 | $110,326 | $137,902 | $148,135 |
Source: Ownwell
Property Tax Bills Across Duncan, Cotton County, Oklahoma
In Duncan, located in Cotton County, OK, property tax bills are determined based on the assessed value of a home. The assessed value is a percentage of the market value, which is determined by the county assessor. Various factors, such as property size, location, and improvements, influence this assessed value. Once the assessed value is established, the local tax rate is applied. Duncan's median property tax bill is significantly lower than the national median of 0.99%, reflecting the area's lower property values. For example, the median home price in Duncan is $110,326, and property tax bills can range widely, from the 25th percentile at $136 to the 90th percentile at $1,561. This variation in tax bills can impact homeowners differently. Lower tax bills can make homeownership more affordable, while higher tax bills, though still modest compared to national standards, can represent a more significant financial obligation. Understanding these factors is crucial for homeowners planning their budgets and long-term financial commitments.
Average Duncan Tax Bill
$723
Average Cotton County Tax Bill
$542
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Duncan, Cotton County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73533 | $36 | $136 | $723 | $1,249 | $1,561 |
Source: Ownwell