Randlett, Cotton County, Oklahoma Property Taxes
The median property tax rate in Randlett, 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 Randlett at $47,859, the typical annual property tax bill reaches $442, which is significantly lower than the national median of $2,690. Property taxes in Randlett are calculated based on the tax assessed value, often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Randlett'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 Randlett 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
Randlett, Cotton County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$488
$453
Ownwell’s Randlett Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Randlett with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Randlett 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 Randlett, Cotton County, Oklahoma
Property taxes in Randlett, Oklahoma, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Randlett is 1.02%, which is higher than the U.S. national median of 0.99%. Local government entities within Randlett set these rates annually, and they can vary significantly across different neighborhoods. Each year, Randlett 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 Randlett's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73562 zip code has both the highest and lowest median property tax rate of 1.02%. Understanding how these areas compare with Randlett 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 Randlett 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 Randlett, Cotton County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73562 | 0.70% | 0.89% | 1.02% | 1.02% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Randlett, Cotton County, Oklahoma
In Randlett, 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 Randlett, 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 Randlett is $47,859, with tax bills ranging from $212 at the 25th percentile to $1,523 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 73562, with a median tax bill of $442. 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 Randlett helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Randlett, Cotton County, Oklahoma
Source: Ownwell
$32,614
$88,579
$144,544
Average Randlett Assessed Value
$47,859
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 Randlett, Cotton County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73562 | $14,984 | $24,602 | $47,859 | $83,680 | $147,234 |
Source: Ownwell
Property Tax Bills Across Randlett, Cotton County, Oklahoma
In Randlett, Cotton County, OK, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Randlett is $47,859. Property taxes are then applied to this assessed value using the local tax rate. Homeowners in the 25th percentile of tax bills pay around $212 annually, while those in the 75th percentile pay about $806. For those in the 90th percentile, the tax bill can reach up to $1,523. The highest and lowest median tax bills in the area are both $442, indicating a consistent tax rate across different properties. These tax bills fund essential local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, Randlett's property tax rates are relatively moderate, providing a balanced approach to funding community needs without overly burdening homeowners.
Average Randlett Tax Bill
$442
Average Cotton County Tax Bill
$542
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Randlett, Cotton County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73562 | $126 | $212 | $442 | $806 | $1,523 |
Source: Ownwell