Cromwell, Oklahoma Property Taxes
The median property tax rate in Cromwell, OK is 0.42%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Cromwell at $69,586, the typical annual property tax bill amounts to $334, well below the national median of $2,690. Property taxes in Cromwell are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cromwell'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 Cromwell or another part of Seminole County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cromwell, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.42%
Estimate Property Tax Bill
$292
Ownwell’s Cromwell Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Cromwell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cromwell to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in seeing trends on a neighborhood level, you can find more localized information below. Your property’s assessed value is the value assigned by Seminole County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Cromwell, Oklahoma
Property taxes in Cromwell, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cromwell is 0.42%, lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Cromwell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cromwell 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 Cromwell's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74837 zip code has the highest median property tax rate of 0.42%, while the same zip code also has the lowest median tax rate of 0.42%. Understanding how these cities compare with Cromwell provides valuable insights into the varying tax landscape across Seminole County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cromwell Tax Rate
0.42%
Average Seminole County Tax Rate
0.75%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cromwell, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74837 | 0.37% | 0.39% | 0.42% | 0.61% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Cromwell, Oklahoma
In Cromwell, 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 Seminole 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 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. For instance, the highest median tax bill in Cromwell is $334 in the 74837 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cromwell Assessed Value
$69,586
Average Seminole County Assessed Value
$62,317
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cromwell, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74837 | $27,296 | $48,556 | $69,586 | $101,022 | $141,011 |
Source: Ownwell
Property Tax Bills Across Cromwell, Oklahoma
In Cromwell, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For homeowners in Seminole County, the median home price is $69,586. Tax assessors evaluate properties to determine their assessed value, considering factors such as location, property size, and market trends. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median property tax rate in Cromwell is relatively modest compared to the national median of 0.99%. Homeowners can expect tax bills to vary significantly, with the 25th percentile tax bill at $190 and the 75th percentile at $408. The highest median tax bill recorded in the area is $334, which is also the lowest. These tax bills contribute to local services such as schools, infrastructure, and emergency services, impacting the community's overall quality of life. Understanding these factors helps homeowners budget effectively and anticipate their annual financial obligations.
Average Cromwell Tax Bill
$334
Average Seminole County Tax Bill
$442
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Cromwell, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74837 | $104 | $190 | $334 | $408 | $452 |
Source: Ownwell