Castle, Oklahoma Property Taxes
The median property tax rate in Castle, OK is 0.67%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $75,614 in Castle, the typical annual property tax bill is $494, significantly below the national median of $2,690. Property taxes in Castle 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 Castle'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 Castle 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
Castle, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.67%
Estimate Property Tax Bill
$507
-$5,309
Ownwell’s CASTLE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in CASTLE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in CASTLE 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 Castle, Oklahoma
Property taxes in Castle, Oklahoma, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Castle is 0.67%, lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Castle set these rates annually, and they can vary significantly across different neighborhoods. Each year, Castle 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 Castle's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74833 zip code has both the highest and lowest median property tax rate of 0.67%. Understanding how these cities compare with Castle provides valuable insights into the varying tax landscape across Okfuskee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Castle Tax Rate
0.67%
Average Okfuskee County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Castle, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74833 | 0.37% | 0.53% | 0.67% | 0.82% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Castle, Oklahoma
In Castle, 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 Okfuskee 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 Castle, 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 Castle helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 74833 has the highest median tax bill at $494, while the lowest median tax bill in Castle is also $494, indicating a consistent tax landscape across the area.
Average Castle Assessed Value
$75,614
Average Okfuskee County Assessed Value
$65,362
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Castle, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74833 | $30,609 | $45,925 | $75,614 | $128,698 | $192,475 |
Source: Ownwell
Property Tax Bills Across Castle, Oklahoma
In Castle, located in Okfuskee County, Oklahoma, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Castle is $75,614. The assessed value is then multiplied by the local tax rate to determine the property tax bill. Various factors such as the property's location, size, and improvements can impact its assessed value. For homeowners in Castle, property tax bills can vary significantly. For instance, the 25th percentile tax bill is $266, while the 75th percentile tax bill is $846, and the 90th percentile reaches $1,352. The median tax bill stands at $494, which is lower than the national median property tax rate of 0.99%. These property taxes fund essential local services like schools, public safety, and infrastructure, directly affecting the quality of life for Castle residents. Lower tax rates can make homeownership more affordable, but they also mean fewer resources for these critical services.
Average Castle Tax Bill
$494
Average Okfuskee County Tax Bill
$424
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Castle, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74833 | $146 | $266 | $494 | $846 | $1,352 |
Source: Ownwell