Geronimo, Cotton County, Oklahoma Property Taxes
The median property tax rate in Geronimo, OK is 1.00%, slightly higher than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Geronimo at $144,544, the typical annual property tax bill reaches $1,466, which is notably lower than the national median of $2,690. Property taxes in Geronimo 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 Geronimo'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 Geronimo 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
Geronimo, Cotton County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$1,445
$1,341
Ownwell’s Geronimo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Geronimo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Geronimo 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 Cotton County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Geronimo, Cotton County, Oklahoma
Property taxes in Geronimo, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Geronimo is 1.00%, slightly higher than the U.S. national median of 0.99%. Local government entities within Geronimo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Geronimo 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 Geronimo's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73543 zip code has both the highest and lowest median property tax rate of 1.00%. Understanding how these cities compare with Geronimo 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 Geronimo Tax Rate
1.00%
Average Cotton County Tax Rate
0.94%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Geronimo, Cotton County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73543 | 0.84% | 0.91% | 1.00% | 1.13% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Geronimo, Cotton County, Oklahoma
In Geronimo, 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 Geronimo, 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 Geronimo 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 $1466 in the 73543 zip code, while the lowest is also $1466, highlighting a uniform tax landscape in the region.
Property Tax Assessment Values Across Geronimo, Cotton County, Oklahoma
Source: Ownwell
$32,614
$88,579
$144,544
Average Geronimo Assessed Value
$144,544
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 Geronimo, Cotton County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73543 | $47,937 | $90,404 | $144,544 | $204,823 | $238,532 |
Source: Ownwell
Property Tax Bills Across Geronimo, Cotton County, Oklahoma
In Geronimo, property tax bills are calculated based on the assessed value of a home, which is determined by the Cotton County assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as the property's location, size, and any improvements made to it can influence the assessed value. For instance, the median home price in Geronimo is $144,544, and property tax bills can vary significantly. Homeowners in the 25th percentile pay around $785 annually, while those in the 75th percentile see bills closer to $2,094. At the 90th percentile, tax bills can reach up to $2,376. The median property tax bill in the area is $1,466, which is above the national median property tax rate of 0.99%. These taxes fund essential public services like schools, emergency services, and infrastructure, directly impacting the quality of life for residents. Keeping track of these factors is crucial for homeowners to manage their expenses effectively.
Average Geronimo Tax Bill
$1,466
Average Cotton County Tax Bill
$542
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Geronimo, Cotton County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73543 | $507 | $785 | $1,466 | $2,094 | $2,376 |
Source: Ownwell