Calvin, Oklahoma Property Taxes
The median property tax rate in Calvin, OK is 0.81%, 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 $50,087 in Calvin, the typical annual property tax bill amounts to $346, significantly less than the national median of $2,690. Property taxes in Calvin are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Calvin'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 Calvin or another part of Hughes County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Calvin, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$406
Ownwell’s Calvin Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Calvin. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Calvin to provide an accurate estimate of your property tax bill. This tool offers crucial insights into potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Calvin, Oklahoma
Property taxes in Calvin, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Calvin is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Calvin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Calvin 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 Calvin's effective property tax rate to other areas in Hughes County and the national median. For comparison, the 74531 zip code has the highest median property tax rate of 0.81%, while the same zip code also has the lowest median tax rate of 0.81%. Understanding how these figures compare with Calvin provides valuable insights into the varying tax landscape across Hughes County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Calvin Tax Rate
0.81%
Average Hughes County Tax Rate
0.85%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Calvin, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74531 | 0.45% | 0.63% | 0.81% | 0.91% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Calvin, Oklahoma
In Calvin, 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 Hughes 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 Calvin, 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. The median home price in Calvin is $50,087, and the median tax bill ranges from $173 at the 25th percentile to $1,133 at the 90th percentile. The zip code 74531 has both the highest and lowest median tax bill, which is $346. Being aware of these valuation processes in Calvin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Calvin Assessed Value
$50,087
Average Hughes County Assessed Value
$41,920
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Calvin, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74531 | $14,165 | $26,052 | $50,087 | $87,981 | $141,924 |
Source: Ownwell
Property Tax Bills Across Calvin, Oklahoma
In Calvin, located in Hughes County, Oklahoma, property tax bills are calculated based on the assessed value of a property. The assessed value is derived from the market value, which is then multiplied by the assessment ratio set by the state. For homeowners in Calvin, the median home price stands at $50,087. Property tax rates are applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill. These include the local tax rate and any applicable exemptions or deductions. In Calvin, the 25th percentile of property tax bills is approximately $173, while the 75th percentile is around $629. At the higher end, the 90th percentile reaches $1,133. The highest median tax bill in the area is $346, which is also the lowest median tax bill, reflecting a consistent rate across the region. For homeowners, understanding these factors is crucial as property taxes significantly impact annual expenses. Comparing these figures to the national median property tax rate of 0.99% can provide perspective on how Calvin's rates stack up.
Average Calvin Tax Bill
$346
Average Hughes County Tax Bill
$328
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Calvin, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74531 | $95 | $173 | $346 | $629 | $1,133 |
Source: Ownwell