Cleo Springs, Oklahoma Property Taxes
The median property tax rate in Cleo Springs, OK is 0.41%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Cleo Springs at $142,151, the typical annual property tax bill amounts to $634, well below the national median of $2,690. Property taxes in Cleo Springs are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cleo Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Cleo Springs 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
Cleo Springs, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.41%
Estimate Property Tax Bill
$583
-$6,108
Ownwell’s CLEO SPRINGS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in CLEO SPRINGS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in CLEO SPRINGS 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 Cleo Springs, Oklahoma
Property taxes in Cleo Springs, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cleo Springs is 0.41%, significantly lower than both the Oklahoma state median of 0.87% and the U.S. national median of 0.99%. Local government entities within Cleo Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cleo Springs 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 Cleo Springs' effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73729 zip code has the highest median property tax rate of 0.41%, while the same zip code also has the lowest median tax rate of 0.41%. Understanding how these cities compare with Cleo Springs provides valuable insights into the varying tax landscape across Woods County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cleo Springs Tax Rate
0.41%
Average Woods County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cleo Springs, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73729 | 0.30% | 0.33% | 0.41% | 0.63% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Cleo Springs, Oklahoma
In Cleo Springs, 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 Woods County Assessor's Office 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 Cleo Springs, 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 Cleo Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median tax bill in Cleo Springs is $634, with the highest and lowest median tax bills both recorded in the 73729 zip code.
Average Cleo Springs Assessed Value
$142,151
Average Woods County Assessed Value
$89,049
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cleo Springs, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73729 | $73,844 | $97,168 | $142,151 | $179,249 | $255,727 |
Source: Ownwell
Property Tax Bills Across Cleo Springs, Oklahoma
In Cleo Springs, located in Woods County, OK, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The median home price in Cleo Springs is $142,151. Property taxes are then applied to this assessed value using the local tax rate. For instance, the median tax bill in Cleo Springs is approximately $634, which is significantly lower than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the property's location within specific school districts, municipal services, and any applicable exemptions or abatements. For homeowners, this means that their annual property tax can vary widely. For example, the tax bill at the 25th percentile is $413, while at the 75th percentile, it climbs to $947. At the 90th percentile, homeowners might pay as much as $1,759. These variations can have a substantial impact on household budgets, making it essential for homeowners to understand how their property taxes are determined.
Average Cleo Springs Tax Bill
$634
Average Woods County Tax Bill
$565
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Cleo Springs, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73729 | $240 | $413 | $634 | $947 | $1,759 |
Source: Ownwell