Example of Caddo County Property Tax Calculation
Caddo County calculates property taxes based on the assessed value of the property. To determine the assessed value, the county appraiser evaluates the property's market value and applies a valuation rate (11.5% for residential properties in Caddo County). For example, if a home in Caddo County has a market value of $100,000, the assessed value would be $11,500 ($100,000 x 0.115).
Once the assessed value is determined, the county multiplies it by the mill levy, which is the rate used to calculate property taxes. The mill levy is determined by the county's budget, and is generally expressed in terms of "mills," where one mill equals $1 of tax for every $1,000 of assessed value. For example, if the mill levy in Caddo County is 100 mills, the property tax would be $1,150 ($11,500 x 0.1).
Property taxes in Caddo County are due in two installments: the first half is due on December 20th, and the second half is due on May 10th of the following year. Failure to pay property taxes in Caddo County can result in a penalty and interest charges.
If you want appeal your property tax assessment - contact your local tax assessor.
Caddo County Property Tax Rates
The Caddo County Property Tax rates for the year are as follows:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County General Fund | $0.100 |
| County Highway Fund | $0.140 |
| County Emergency Fund | $0.050 |
| County Health Fund | $0.040 |
| County School Fund | $0.720 |
Please note that these rates may vary based on the assessed value and location of the property. It is advisable to consult a tax professional for accurate calculations and any further queries.
Who sets property tax rates in Caddo County ?
The property tax rates in Caddo County, USA are set by the County Commissioners. This happens every year during budget hearings, where they decide on the tax levy required to fund the county's expenses. The rate is expressed in mills, and one mill equals $1 for every $1,000 of assessed property value. The total mills levied are then multiplied by the assessed property value to determine the amount of property tax owed. Property taxes are due on December 31st of each year.
Homestead exemptions in Caddo County ?
The following table outlines the Homestead exemptions and deductions available in Caddo County, Oklahoma:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Standard Homestead Exemption | Primary residence owner-occupants | Up to $1,000 of assessed value | Applies to all taxing jurisdictions within the county |
| Additional Homestead Exemption | Primary residence owner-occupants 65 years and older or disabled | Up to $1,000 of assessed value | Applies to all taxing jurisdictions within the county |
| Property Tax Relief for Military Veterans | Military veterans who are 100% disabled or receive VA benefits for total and permanent disability | Varies depending on percentage of disability | Must apply for exemption and provide documentation to county assessor |
| Agricultural Land Exemption | Property used primarily for agricultural purposes | Up to 100% exemption of assessed value | Must meet specific requirements set forth by the Oklahoma Tax Commission |
| Senior Sales Tax Relief | Senior citizens aged 65 or older with an annual income of $10,000 or less | Exemption from sales tax on groceries and prescription medications | Must apply for exemption with the Oklahoma Tax Commission |
| Disabled Veteran Sales Tax Exemption | Military veterans who are 100% disabled or receive VA benefits for total and permanent disability | Exemption from sales tax on purchases related to their disability | Must apply for exemption with the Oklahoma Tax Commission |
It's important to note that eligibility and amount for some of these exemptions are subject to change and vary depending on each individual's circumstances. It's recommended to contact the county assessor's office or Oklahoma Tax Commission for more information and specific requirements.
When is Caddo County Property Tax due ?
Caddo County Property Tax is typically due on December 31st of each year. However, if that date falls on a weekend or holiday, the due date will be extended to the next business day. It's important to note that penalties and interest will accrue for late payments.
Payment methods for Caddo County Property Tax include:
- Online payments - payments can be made online through the county's website using a credit/debit card or an e-check.
- In-person payments - payments can be made in person at the county treasurer's office using cash, check, or money order.
- Mail-in payments - payments can also be made by mailing a check or money order to the county treasurer's office.
It's always a good idea to double-check with the county treasurer's office for any updates or changes to payment methods, due dates, or penalties.
If you have more questions - contact your local tax collector.
How is Caddo County Property Tax penalty calculated ?
Caddo County Property Tax Penalty Calculation:
Caddo County imposes a penalty on late payment of property taxes. The penalty is determined based on the number of days the payment is late and the delinquent amount of taxes. Here is an example of how the penalty is calculated:
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Determine the Delinquent Amount: Assume that the total property tax due for a property in Caddo County is $5,000. If the payment is not made by the due date, the taxes become delinquent. Let's say the payment is made 30 days after the due date. In this case, the delinquent amount is $5,000.
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Apply the Penalty: The penalty for the first month of delinquency is 5% of the delinquent amount. So, in our example, the penalty for the first month will be $250 (5% of $5,000).
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Add Interest: In addition to the penalty, interest is also charged on the delinquent amount. The interest rate is 1% per month or fraction thereof, from the due date until the taxes are paid in full. For our example, the interest for one month will be $50 (1% of $5,000).
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Calculate the Total Amount Due: To calculate the total amount due, add the delinquent amount, penalty, and interest. In our example, the total amount due will be $5,300 ($5,000 + $250 + $50).
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Repeat the Process: If the payment is still not made, the penalty and interest will continue to accumulate each month until the taxes are paid in full.
In summary, the penalty for late payment of Caddo County property taxes is calculated as 5% of the delinquent amount for the first month of delinquency, plus 1% interest per month or fraction thereof. It is important to make the payment on time to avoid these penalties and interest charges.
We recommend contacting the Caddo County Tax Office or a local tax professional for the most up-to-date and accurate information.