Camargo, Oklahoma Property Taxes
The median property tax rate in Camargo, OK is 0.69%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Camargo at $48,154, the typical annual property tax bill amounts to $304, far below the national median of $2,690. Property taxes in Camargo 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 Camargo’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 Camargo 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
Camargo, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$332
Ownwell’s Camargo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Camargo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Camargo 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 Camargo, Oklahoma
Property taxes in Camargo, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Camargo stands at 0.69%, which is lower than the U.S. national median of 0.99%. Local government entities within Camargo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Camargo 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. Understanding how these cities compare with Camargo provides valuable insights into the varying tax landscape across Dewey County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Camargo Tax Rate
0.69%
Average Dewey County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Camargo, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73835 | 0.30% | 0.48% | 0.69% | 0.82% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Camargo, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Camargo, Oklahoma. 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 Dewey 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 Camargo, 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. For instance, the median home price in Camargo stands at $48,154, with tax bills ranging from $152 at the 25th percentile to $970 at the 90th percentile. The zip code with the highest and lowest median tax bill is 73835, both at $304. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Camargo Assessed Value
$48,154
Average Dewey County Assessed Value
$78,646
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Camargo, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73835 | $16,840 | $28,638 | $48,154 | $102,562 | $176,575 |
Source: Ownwell
Property Tax Bills Across Camargo, Oklahoma
In Camargo, located in Dewey County, Oklahoma, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $48,154, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. At the 25th percentile, tax bills are around $152, while at the 75th percentile, they can reach up to $614. The highest median tax bill in the area is $304, which is relatively low compared to the national median property tax rate of 0.99%. These figures highlight the affordability of property taxes in Camargo, making it an attractive location for homeowners. The lower tax burden can significantly affect homeowners by reducing their overall annual expenses, thereby making homeownership more accessible and sustainable in this region.
Average Camargo Tax Bill
$304
Average Dewey County Tax Bill
$505
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Camargo, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73835 | $82 | $152 | $304 | $614 | $970 |
Source: Ownwell