Big Cabin, Oklahoma Property Taxes
The median property tax rate in Big Cabin, OK is 0.74%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $91,715 in Big Cabin, the typical annual property tax bill amounts to $640, significantly below the national median of $2,690. Property taxes in Big Cabin are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Big Cabin'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 Big Cabin or another part of Craig County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Big Cabin, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$679
Ownwell’s Big Cabin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Big Cabin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Big Cabin 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 Big Cabin, Oklahoma
Property taxes in Big Cabin, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Big Cabin is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Big Cabin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Big Cabin 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 Big Cabin's effective property tax rate to the national median. For comparison, the zip code 74332 in Craig County has both the highest and the lowest median property tax rate of 0.74%. Understanding how these areas compare with Big Cabin provides valuable insights into the varying tax landscape across Craig County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Big Cabin Tax Rate
0.74%
Average Craig County Tax Rate
0.82%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Big Cabin, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74332 | 0.39% | 0.57% | 0.74% | 0.91% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Big Cabin, Oklahoma
In Big Cabin, 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 Craig 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 Big Cabin, 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 Big Cabin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 74332 has the highest and lowest median tax bill at $640, reflecting the uniformity in tax assessments within the region.
Average Big Cabin Assessed Value
$91,715
Average Craig County Assessed Value
$75,683
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Big Cabin, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74332 | $26,107 | $53,431 | $91,715 | $160,839 | $237,310 |
Source: Ownwell
Property Tax Bills Across Big Cabin, Oklahoma
In Big Cabin, Craig County, OK, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value typically reflects a percentage of the property's market value. For homeowners in Big Cabin, the median home price stands at $91,715. Property tax rates are applied to this assessed value to determine the annual tax bill. The tax bill varies significantly, with the 25th percentile paying around $331, while those in the 75th percentile face a tax bill of approximately $1,198. At the 90th percentile, homeowners may pay up to $1,995. Interestingly, the highest and lowest median tax bills in the area are both reported at $640, indicating a relatively stable range in some parts of the city. Compared to the national median property tax rate of 0.99%, Big Cabin's property tax rates can be more favorable, providing some relief to homeowners. However, the variability in tax bills highlights the importance of understanding how assessed values and local tax rates affect individual financial responsibilities.
Average Big Cabin Tax Bill
$640
Average Craig County Tax Bill
$568
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Big Cabin, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74332 | $135 | $331 | $640 | $1,198 | $1,995 |
Source: Ownwell