Walters, Oklahoma Property Taxes
The median property tax rate in Walters, OK is 0.87%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $77,204 in Walters, the typical annual property tax bill is around $600, significantly less than the national median of $2,690. Property taxes in Walters are determined based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Walters' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Walters or another part of Cotton County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Walters, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$672
Ownwell’s Walters Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Walters with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Walters to provide an estimated property tax bill. This valuable tool offers a clear understanding of potential tax liabilities, helping you make informed decisions. For those interested in neighborhood-specific trends, more localized information is available below. Your property’s assessed value is determined by the county for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Walters, Oklahoma
Property taxes in Walters, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Walters is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Walters set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walters 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 Walters' effective property tax rate to other areas in Cotton County and the national median. For comparison, the 73572 zip code in Walters has the highest median property tax rate of 0.87%, while the same 73572 zip code also has the lowest median tax rate of 0.87%. Understanding how these cities compare with Walters provides valuable insights into the varying tax landscape across Cotton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Walters Tax Rate
0.87%
Average Cotton County Tax Rate
0.94%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Walters, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73572 | 0.61% | 0.73% | 0.87% | 1.00% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Walters, Oklahoma
In Walters, 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 Cotton 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 Walters, 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 Walters helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the median home price in Walters is $77,204, with tax bills ranging from $372 at the 25th percentile to $1,002 at the 75th percentile. The highest and lowest median tax bills are both $600 in the 73572 zip code.
Average Walters Assessed Value
$77,204
Average Cotton County Assessed Value
$65,187
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Walters, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73572 | $27,213 | $43,191 | $77,204 | $122,409 | $196,295 |
Source: Ownwell
Property Tax Bills Across Walters, Oklahoma
In Walters, located in Cotton County, OK, property tax bills are calculated based on the assessed value of the home. The assessed value is determined by the local tax assessor and represents a percentage of the property's market value. Homeowners in Walters can expect varying tax bills depending on their property's assessed value and the local tax rate. For example, the median home price in Walters is $77,204. The property tax rate in Cotton County is competitive when compared to the national median property tax rate of 0.99%. Homeowners in the 25th percentile may see tax bills around $372, while those in the 75th percentile might experience bills closer to $1,002. At the 90th percentile, tax bills can reach up to $1,693. These tax bills directly impact homeowners by influencing their annual expenses. Understanding how these bills are calculated can help homeowners in Walters budget more effectively and potentially seek exemptions or appeals if they believe their property has been over-assessed.
Average Walters Tax Bill
$600
Average Cotton County Tax Bill
$542
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Walters, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73572 | $232 | $372 | $600 | $1,002 | $1,693 |
Source: Ownwell