Spencerville, Oklahoma Property Taxes
The median property tax rate in Spencerville, Oklahoma is 0.44%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Spencerville at $100,156, the typical annual property tax bill amounts to $442, well below the national median of $2,690. Property taxes in Spencerville 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 Spencerville'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 Spencerville 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
Spencerville, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.44%
Estimate Property Tax Bill
$441
-$4,618
Ownwell’s Spencerville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spencerville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spencerville 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 Spencerville, Oklahoma
Property taxes in Spencerville, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spencerville is 0.44%, which is lower than the U.S. national median of 0.99%. Local government entities within Spencerville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spencerville 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 Spencerville's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the zip code 74760 has both the highest and lowest median property tax rate of 0.44%. Understanding how these areas compare with Spencerville provides valuable insights into the varying tax landscape across Pushmataha County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Spencerville Tax Rate
0.44%
Average Pushmataha County Tax Rate
0.56%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spencerville, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74760 | 0.30% | 0.37% | 0.44% | 0.58% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across Spencerville, Oklahoma
In Spencerville, 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 Pushmataha 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 Spencerville, 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 Spencerville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in the area is $442, found in the 74760 zip code.
Average Spencerville Assessed Value
$100,156
Average Pushmataha County Assessed Value
$75,969
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Spencerville, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74760 | $52,424 | $70,310 | $100,156 | $140,578 | $211,992 |
Source: Ownwell
Property Tax Bills Across Spencerville, Oklahoma
In Spencerville, property tax bills are calculated based on the assessed value of the property, which is a percentage of the market value. Homeowners in Pushmataha County, where Spencerville is located, experience property tax bills that vary significantly. The median home price in Spencerville is $100,156, and property tax bills range from $288 at the 25th percentile to $1,210 at the 90th percentile, reflecting the diversity in property values and assessments. The highest and lowest median tax bills in the area are both $442, indicating a relatively uniform application of tax rates within the zip code 74760. This uniformity suggests that while property values may vary, the tax rate applied is consistent. Compared to the national median property tax rate of 0.99%, Spencerville's property tax rates are competitive, offering homeowners a reasonable tax burden. These calculated tax bills directly affect homeowners by influencing their annual expenses and potentially impacting their financial planning and property investment decisions.
Average Spencerville Tax Bill
$442
Average Pushmataha County Tax Bill
$395
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Spencerville, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74760 | $236 | $288 | $442 | $729 | $1,210 |
Source: Ownwell