Glencoe, Payne County, Oklahoma Property Taxes
The median property tax rate in Glencoe, OK is 0.81%, 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 $122,585 in Glencoe, the typical annual property tax bill amounts to $910, significantly less than the national median of $2,690. Property taxes in Glencoe are calculated based on the tax 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 substantial annual savings. Whether you're in the heart of Glencoe 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
Glencoe, Payne County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$993
$921
Ownwell’s Glencoe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate 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 the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Glencoe, Payne County, Oklahoma
Property taxes in Glencoe, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Glencoe is 0.81%, which is lower 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 counties in Oklahoma and the national median. For comparison, the 74032 zip code has the same median property tax rate of 0.81%. Understanding how these cities compare with Glencoe 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 Glencoe Tax Rate
0.81%
Average Payne County Tax Rate
0.91%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Glencoe, Payne County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74032 | 0.48% | 0.68% | 0.81% | 0.94% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Glencoe, Payne County, Oklahoma
In Glencoe, 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 Glencoe, 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 Glencoe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Glencoe is $122,585, with the tax bill ranging from $441 at the 25th percentile to $3,005 at the 90th percentile. The zip code 74032 has both the highest and lowest median tax bill, at $910.
Property Tax Assessment Values Across Glencoe, Payne County, Oklahoma
Source: Ownwell
$79,710
$153,385
$227,060
Average Glencoe Assessed Value
$122,585
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 Glencoe, Payne County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74032 | $29,572 | $64,222 | $122,585 | $215,110 | $356,520 |
Source: Ownwell
Property Tax Bills Across Glencoe, Payne County, Oklahoma
In Glencoe, Payne County, OK, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is a percentage of the property's market value, determined by the local tax assessor. Various factors influence this assessment, including the property's size, location, and any improvements made. For instance, the median home price in Glencoe is $122,585, and the property tax rate is applied to this assessed value to determine the tax bill. Homeowners in Glencoe can expect a wide range of property tax bills. The 25th percentile tax bill is around $441, while the 75th percentile tax bill reaches $1,710. Those in the 90th percentile may see tax bills as high as $3,005. Comparatively, the highest and lowest median tax bills within the 74032 zip code are both $910, indicating a consistent tax rate across the area. These property taxes fund essential local services, such as schools, roads, and emergency services, directly impacting the community's quality of life.
Average Glencoe Tax Bill
$910
Average Payne County Tax Bill
$1,635
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Glencoe, Payne County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74032 | $190 | $441 | $910 | $1,710 | $3,005 |
Source: Ownwell