Watts, Oklahoma Property Taxes
The median property tax rate in Watts, OK is 0.49%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Watts at $96,088, the typical annual property tax bill amounts to $425, well below the national median of $2,690. Property taxes in Watts are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Watts' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Watts 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
Watts, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.49%
Estimate Property Tax Bill
$471
Ownwell’s Watts Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Watts with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Watts 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 Watts, Oklahoma
Property taxes in Watts, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Watts is 0.49%, which is lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Watts set these rates annually, and they can vary significantly across different neighborhoods. Each year, Watts 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 Watts's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74964 has both the highest and lowest median property tax rate of 0.49%. Understanding how these cities compare with Watts provides valuable insights into the varying tax landscape across Adair County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Watts Tax Rate
0.49%
Average Adair County Tax Rate
0.69%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Watts, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74964 | 0.24% | 0.35% | 0.49% | 0.69% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Watts, Oklahoma
In Watts, 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 Adair 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 Watts, 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 Watts helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 74964, with a median of $425.00.
Average Watts Assessed Value
$96,088
Average Adair County Assessed Value
$66,022
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Watts, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74964 | $25,544 | $49,199 | $96,088 | $163,994 | $251,572 |
Source: Ownwell
Property Tax Bills Across Watts, Oklahoma
In Watts, OK, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the property tax rate set by the county. For example, with a median home price of $96,088, homeowners in Watts can expect varying tax bills. The 25th percentile tax bill is around $219, while the 75th percentile tax bill reaches $844. At the higher end, the 90th percentile tax bill is approximately $1,524. These figures illustrate the range of property tax obligations homeowners might face, depending on their property's assessed value and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Watts offers relatively moderate property tax rates, which can be a crucial factor for homeowners considering the overall cost of living. Understanding these factors helps homeowners in Watts budget more effectively and anticipate their annual property tax responsibilities.
Average Watts Tax Bill
$425
Average Adair County Tax Bill
$421
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Watts, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74964 | $116 | $219 | $425 | $844 | $1,524 |
Source: Ownwell