Spavinaw, Oklahoma Property Taxes
The median property tax rate in Spavinaw, OK is 0.69%, which is notably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $89,338 in Spavinaw, the typical annual property tax bill amounts to $573, significantly less than the national median of $2,690. Property taxes in Spavinaw are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural land. Familiarizing yourself with Spavinaw's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to considerable annual savings. Whether you're in the heart of Spavinaw 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
Spavinaw, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$616
Ownwell’s Spavinaw Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spavinaw with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spavinaw 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 Spavinaw, Oklahoma
Property taxes in Spavinaw, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spavinaw is 0.69%, which is lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Spavinaw set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spavinaw 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 Spavinaw's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74366 zip code has the highest median property tax rate of 0.69%, while the same 74366 zip code also has the lowest median tax rate of 0.69%. Understanding how these cities compare with Spavinaw provides valuable insights into the varying tax landscape across Delaware County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Spavinaw Tax Rate
0.69%
Average Delaware County Tax Rate
0.78%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spavinaw, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74366 | 0.35% | 0.51% | 0.69% | 0.87% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Spavinaw, Oklahoma
In Spavinaw, 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 Delaware 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 Spavinaw, 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 Spavinaw helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Spavinaw is $89,338, with tax bills ranging from $225 at the 25th percentile to $1,378 at the 90th percentile. The zip code 74366 has the highest and lowest median tax bill, both at $573.
Average Spavinaw Assessed Value
$89,338
Average Delaware County Assessed Value
$141,764
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Spavinaw, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74366 | $17,305 | $57,114 | $89,338 | $151,700 | $222,149 |
Source: Ownwell
Property Tax Bills Across Spavinaw, Oklahoma
In Spavinaw, Delaware County, OK, property tax bills are determined based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to calculate the annual tax bill. Various factors influence the assessed value, including property size, location, and improvements. For homeowners, this means that any changes in the market value of their property or adjustments in the local tax rate can directly impact their tax obligations. For instance, with a median home price of $89,338 in Spavinaw, the 25th percentile tax bill is around $225, while the 75th percentile reaches $1,124. Comparatively, the national median property tax rate is 0.99%, highlighting that local rates and assessments can vary significantly. Homeowners in Spavinaw should be aware of these factors as they can significantly affect their annual expenses, making it essential to stay informed about property valuations and local tax policies.
Average Spavinaw Tax Bill
$573
Average Delaware County Tax Bill
$1,031
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Spavinaw, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74366 | $133 | $225 | $573 | $1,124 | $1,378 |
Source: Ownwell