Sparks, Oklahoma Property Taxes
The median property tax rate in Sparks, OK is 0.80%, 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 Sparks at $79,661, the typical annual property tax bill is $584, significantly below the national median of $2,690. Property taxes in Sparks 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. By understanding Sparks' property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve significant annual savings. Whether you're in the heart of Sparks or another part of Lincoln County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sparks, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$637
Ownwell’s Sparks Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sparks with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sparks 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 Sparks, Oklahoma
Property taxes in Sparks, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sparks is 0.80%, lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Sparks set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sparks 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 Sparks' effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74869 zip code has both the highest and lowest median property tax rate of 0.80%. Understanding how these cities compare with Sparks 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 Sparks Tax Rate
0.80%
Average Lincoln County Tax Rate
0.78%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sparks, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74869 | 0.36% | 0.54% | 0.80% | 0.98% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Sparks, Oklahoma
In Sparks, 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 Sparks, 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 Sparks is $79,661, with tax bills ranging significantly. For example, the lowest median tax bill is $584 in the 74869 zip code. Being aware of these valuation processes in Sparks helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Sparks Assessed Value
$79,661
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 Sparks, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74869 | $22,056 | $41,253 | $79,661 | $134,832 | $197,754 |
Source: Ownwell
Property Tax Bills Across Sparks, Oklahoma
In Sparks, located in Lincoln County, Oklahoma, property tax bills are determined based on the assessed value of a property, which typically represents a percentage of its market value. The median home price in Sparks is $79,661. Homeowners' tax bills vary significantly, with the 25th percentile at $264 and the 75th percentile reaching $1,046. At the 90th percentile, tax bills can go up to $1,782. These tax bills are influenced by several factors, including the property's assessed value, local tax rates, and any applicable exemptions. For instance, properties in the zip code 74869 see a median tax bill of $584, which is the highest and lowest median tax bill within the area. Compared to the national median property tax rate of 0.99%, Sparks' property tax rates are relatively moderate. This system ensures that homeowners contribute a fair share to community services, although it also means that higher property values result in higher tax obligations.
Average Sparks Tax Bill
$584
Average Lincoln County Tax Bill
$648
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Sparks, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74869 | $104 | $264 | $584 | $1,046 | $1,782 |
Source: Ownwell