Canute, Oklahoma Property Taxes
The median property tax rate in Canute, OK is 0.87%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Canute at $89,164, the typical annual property tax bill amounts to $746, significantly less than the national median of $2,690. Property taxes in Canute 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 Canute's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Canute or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Canute, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$776
Ownwell’s Canute Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Canute with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Canute 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 Canute, Oklahoma
Property taxes in Canute, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Canute is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Canute set these rates annually, and they can vary significantly across different neighborhoods. Each year, Canute 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 Canute's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73626 has both the highest and lowest median property tax rate of 0.87%. Understanding how these areas compare with Canute provides valuable insights into the varying tax landscape across Custer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Canute Tax Rate
0.87%
Average Custer County Tax Rate
1.01%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Canute, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73626 | 0.50% | 0.84% | 0.87% | 0.91% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Canute, Oklahoma
In Canute, 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 Custer 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 Canute, 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 Canute helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 73626 has both the highest and lowest median tax bills, each at $746.
Average Canute Assessed Value
$89,164
Average Custer County Assessed Value
$105,000
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Canute, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73626 | $55,690 | $71,007 | $89,164 | $123,790 | $239,711 |
Source: Ownwell
Property Tax Bills Across Canute, Oklahoma
In Canute, located in Custer County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the actual tax bill. For instance, with a median home price of $89,164, homeowners can expect varying tax bills depending on specific property assessments and local levies. Factors influencing the tax bill include the home's assessed value, the applicable tax rate, and any exemptions or deductions for which the homeowner may qualify. In Canute, the 25th percentile tax bill is around $569, while the 75th percentile reaches up to $1,019, and the 90th percentile can be as high as $2,336. Comparatively, the national median property tax rate is 0.99%, which helps put Canute's rates in perspective. These tax bills significantly impact homeowners by affecting their annual housing costs and overall financial planning.
Average Canute Tax Bill
$746
Average Custer County Tax Bill
$977
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Canute, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73626 | $482 | $569 | $746 | $1,019 | $2,336 |
Source: Ownwell