Spavinaw, Oklahoma Property Taxes
The median property tax rate in Spavinaw, OK is 0.66%, which is notably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $79,897 in Spavinaw, the typical annual property tax bill is $458, significantly below the national median of $2,690. Property taxes in Spavinaw are calculated based on the tax assessed value, which is usually less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Spavinaw'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 Spavinaw or another part of Mayes County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Spavinaw, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$527
Ownwell’s Spavinaw Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spavinaw with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spavinaw 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 Spavinaw, Oklahoma
Property taxes in Spavinaw, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spavinaw is 0.66%, which is lower than the U.S. national median of 0.99%. Local government entities within Spavinaw set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spavinaw 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 Spavinaw's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74366 has both the highest and lowest median property tax rate of 0.66%. Understanding how these cities compare with Spavinaw provides valuable insights into the varying tax landscape across Mayes County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Spavinaw Tax Rate
0.66%
Average Mayes County Tax Rate
0.66%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spavinaw, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74366 | 0.31% | 0.47% | 0.66% | 0.79% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Spavinaw, Oklahoma
In Spavinaw, 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 Mayes 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 Spavinaw, 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 Spavinaw helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Spavinaw is $79,897, with the highest median tax bill in zip code 74366 being $458.
Average Spavinaw Assessed Value
$79,897
Average Mayes County Assessed Value
$160,424
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Spavinaw, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74366 | $26,561 | $43,732 | $79,897 | $149,426 | $266,052 |
Source: Ownwell
Property Tax Bills Across Spavinaw, Oklahoma
In Spavinaw, located in Mayes County, OK, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in Spavinaw is $79,897. The property tax rate in this area is applied to the assessed value to determine the annual tax bill. Factors such as local tax levies, school district needs, and municipal budgets also influence the final amount. For homeowners in Spavinaw, the tax bill can vary significantly. At the 25th percentile, the tax bill is around $245, while at the 75th percentile, it can reach $1,056. For those at the 90th percentile, the tax bill can be as high as $1,851. Interestingly, the highest and lowest median tax bills in the area are both $458, indicating some consistency in certain neighborhoods. Compared to the national median property tax rate of 0.99%, Spavinaw's property tax rates provide a relatively affordable option for homeowners, impacting their overall cost of living and financial planning.
Average Spavinaw Tax Bill
$458
Average Mayes County Tax Bill
$998
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Spavinaw, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74366 | $115 | $245 | $458 | $1,056 | $1,851 |
Source: Ownwell