Cushing, Payne County, Oklahoma Property Taxes
The median property tax rate in Cushing, OK is 0.72%, 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 $659, significantly below the national median of $2,690. Property taxes in Cushing are calculated based on the tax assessed value, which typically 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, Payne County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$733
$680
Ownwell’s Cushing Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Cushing with just two simple inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Cushing to provide an accurate estimate of your property tax bill. This user-friendly tool offers clear insights into potential tax liabilities, helping you make informed decisions. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, forms the basis for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Cushing, Payne County, Oklahoma
Property taxes in Cushing, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cushing is 0.72%, which is significantly 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 74023 zip code has both the highest and lowest median property tax rate of 0.72%. Understanding how these cities compare with Cushing provides valuable insights into the varying tax landscape across Payne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cushing Tax Rate
0.72%
Average Payne County Tax Rate
0.91%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cushing, Payne County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74023 | 0.42% | 0.57% | 0.72% | 0.84% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Cushing, Payne 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 Payne 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 zip code with the highest median tax bill is 74023 at $659, which is also the lowest median tax bill in the area.
Property Tax Assessment Values Across Cushing, Payne County, Oklahoma
Source: Ownwell
$79,710
$153,385
$227,060
Average Cushing Assessed Value
$101,770
Average Payne County Assessed Value
$185,340
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cushing, Payne County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74023 | $30,340 | $54,320 | $101,770 | $173,260 | $269,540 |
Source: Ownwell
Property Tax Bills Across Cushing, Payne County, Oklahoma
In Cushing, Payne 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 property tax bill. Factors influencing the tax bill include the home's market value, local tax rates, and any applicable exemptions or deductions. For homeowners in Cushing, the median home price is $101,770. Property tax bills can vary significantly, with the 25th percentile at $322 and the 75th percentile at $1,268. At the 90th percentile, homeowners might pay around $2,070. These figures highlight the range of property tax burdens within the city, influenced by the value of individual properties and specific local tax rates. Compared to the national median property tax rate of 0.99%, homeowners in Cushing might experience different financial impacts based on their property's assessed value and the local tax rate, affecting their overall cost of homeownership.
Average Cushing Tax Bill
$659
Average Payne County Tax Bill
$1,635
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Cushing, Payne County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74023 | $176 | $322 | $659 | $1,268 | $2,070 |
Source: Ownwell