Glencoe, Oklahoma Property Taxes
The median property tax rate in Glencoe, OK is 1.01%, slightly above both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Glencoe at $96,990, the typical annual property tax bill is $1,044, surpassing the national median of $2,690. Property taxes in Glencoe are calculated based on the assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Glencoe'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 Glencoe or another part of Noble County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Glencoe, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$980
-$10,266
Ownwell’s Glencoe Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Glencoe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Glencoe 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 Noble County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Glencoe, Oklahoma
Property taxes in Glencoe, Oklahoma, are crucial for funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Glencoe is 1.01%, slightly higher than the U.S. national median of 0.99%. Local government entities within Glencoe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Glencoe 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 Glencoe's effective property tax rate to other regions in Oklahoma and the national median. For comparison, the zip code 74032 has the highest median property tax rate of 1.01%, while the same zip code also has the lowest median tax rate of 1.01%. Understanding how these areas compare with Glencoe provides valuable insights into the varying tax landscape across Noble County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Glencoe Tax Rate
1.01%
Average Noble County Tax Rate
0.91%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Glencoe, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74032 | 0.75% | 0.90% | 1.01% | 1.09% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Glencoe, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Glencoe, 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 Noble 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. Assessment notices in Glencoe 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 Glencoe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 74032 in Glencoe has both the highest and lowest median tax bill at $1,044.
Average Glencoe Assessed Value
$96,990
Average Noble County Assessed Value
$78,656
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Glencoe, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74032 | $41,590 | $55,956 | $96,990 | $155,963 | $245,168 |
Source: Ownwell
Property Tax Bills Across Glencoe, Oklahoma
In Glencoe, Noble County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $96,990, homeowners in Glencoe can expect to pay property taxes that vary significantly depending on their property's assessed value and any applicable exemptions. Factors influencing the tax bill include the home's assessed value, local tax rates, and any exemptions or deductions for which the homeowner qualifies. The 25th percentile tax bill is around $503, while the 75th percentile reaches approximately $1,671, and the 90th percentile can be as high as $2,666. These taxes fund essential local services like schools, roads, and emergency services, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, Glencoe's property tax rates are relatively moderate, offering a balanced approach for homeowners.
Average Glencoe Tax Bill
$1,044
Average Noble County Tax Bill
$666
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Glencoe, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74032 | $354 | $503 | $1,044 | $1,671 | $2,666 |
Source: Ownwell