Cowlington, Oklahoma Property Taxes
The median property tax rate in Cowlington, OK is 0.62%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Cowlington, the typical annual property tax bill is $140, well below the national median of $2,690. Property taxes in Cowlington are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Cowlington'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 Cowlington 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
Cowlington, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$104
Ownwell’s Cowlington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cowlington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cowlington 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 Cowlington, Oklahoma
Property taxes in Cowlington, Oklahoma, play a crucial role in financing essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cowlington is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Cowlington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cowlington 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 Cowlington's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the zip code 74941 has both the highest and lowest median property tax rate of 0.62%, reflecting uniformity within the region. Understanding how these cities compare with Cowlington provides valuable insights into the varying tax landscape across Le Flore County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cowlington Tax Rate
0.62%
Average Le Flore County Tax Rate
0.80%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cowlington, Oklahoma
Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
---|---|---|---|---|---|
74941 | 0.32% | 0.43% | 0.62% | 0.81% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Cowlington, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cowlington, 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 Le Flore 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 Cowlington, 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 example, the median home price in Cowlington is $16,794, with tax bills ranging from $90 at the 25th percentile to $219 at the 90th percentile. The highest and lowest median tax bills, both $140, are found in zip code 74941. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cowlington Assessed Value
$16,794
Average Le Flore County Assessed Value
$72,264
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cowlington, Oklahoma
Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
---|---|---|---|---|---|
74941 | $3,359 | $8,397 | $16,794 | $20,364 | $22,506 |
Source: Ownwell
Property Tax Bills Across Cowlington, Oklahoma
In Cowlington, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, which is determined by county assessors. Several factors are considered, including the property's size, location, and any improvements made. For homeowners, this means that properties with higher market values or significant improvements will generally face higher tax bills. Homeowners in Cowlington experience a range of property tax bills. For instance, the 25th percentile tax bill is around $90, while the 75th percentile tax bill is approximately $190. Those in the 90th percentile may pay up to $219. These figures provide a glimpse into the variability of property tax obligations within the city. Compared to the national median property tax rate of 0.99%, Cowlington's rates offer a relatively affordable option for homeowners, making it an attractive place for those looking to manage their property tax expenses effectively.
Average Cowlington Tax Bill
$140
Average Le Flore County Tax Bill
$517
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Cowlington, Oklahoma
Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
---|---|---|---|---|---|
74941 | $61 | $90 | $140 | $190 | $219 |
Source: Ownwell