Cushing, Lincoln County, Oklahoma Property Taxes
The median property tax rate in Cushing, OK is 0.79%, 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 Cushing, the typical annual property tax bill reaches $778, significantly below the national median of $2,690. Property taxes in Cushing 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 Cushing'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 Cushing 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
Cushing, Lincoln County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$933
$866
Ownwell’s Cushing Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cushing with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cushing 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 Cushing, Lincoln County, Oklahoma
Property taxes in Cushing, Oklahoma, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Cushing is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Cushing set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cushing 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 Cushing's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74023 has both the highest and lowest median property tax rate of 0.79%. Understanding how these cities compare with Cushing provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cushing Tax Rate
0.79%
Average Lincoln County Tax Rate
0.78%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cushing, Lincoln County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74023 | 0.40% | 0.58% | 0.79% | 0.91% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Cushing, Lincoln County, Oklahoma
In Cushing, 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 Lincoln 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 Cushing, 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 Cushing helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Cushing is $118,130, with the median tax bill ranging from $428 at the 25th percentile to $2,041 at the 90th percentile. Notably, the highest and lowest median tax bills in the area are both $778, found in zip code 74023.
Property Tax Assessment Values Across Cushing, Lincoln County, Oklahoma
Source: Ownwell
$17,889
$68,010
$118,130
Average Cushing Assessed Value
$118,130
Average Lincoln County Assessed Value
$92,516
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cushing, Lincoln County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74023 | $27,699 | $61,476 | $118,130 | $182,976 | $250,550 |
Source: Ownwell
Property Tax Bills Across Cushing, Lincoln County, Oklahoma
Property tax bills in Cushing, Lincoln County, OK, are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessed value is typically a percentage of the property's market value. Homeowners in Cushing can expect their property tax bills to vary significantly; for instance, the tax bill at the 25th percentile is $428, while at the 75th percentile, it's $1367. At the 90th percentile, the tax bill can reach up to $2041. These variations depend on factors such as property size, location, and any applicable exemptions. The median home price in Cushing is $118,130, which influences the overall tax amount. Compared to the national median property tax rate of 0.99%, the property tax rate in Cushing is relatively moderate. Understanding these factors helps homeowners anticipate their tax obligations and manage their finances more effectively.
Average Cushing Tax Bill
$778
Average Lincoln County Tax Bill
$648
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Cushing, Lincoln County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74023 | $219 | $428 | $778 | $1,367 | $2,041 |
Source: Ownwell