Wynnewood, Oklahoma Property Taxes
The median property tax rate in Wynnewood, OK is 0.78%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Wynnewood at $73,090, the typical annual property tax bill is $523, significantly below the national median of $2,690. Property taxes in Wynnewood are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Wynnewood'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 Wynnewood 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
Wynnewood, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$570
Ownwell’s Wynnewood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wynnewood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wynnewood 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 Wynnewood, Oklahoma
Property taxes in Wynnewood, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wynnewood is 0.78%, which is lower than the U.S. national median of 0.99%. Local government entities within Wynnewood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wynnewood 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 Wynnewood's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73098 has the highest median property tax rate of 0.78%, while the same zip code also has the lowest median tax rate of 0.78%. Understanding how these areas compare with Wynnewood provides valuable insights into the varying tax landscape across Garvin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wynnewood Tax Rate
0.78%
Average Garvin County Tax Rate
0.69%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wynnewood, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73098 | 0.38% | 0.57% | 0.78% | 0.94% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Wynnewood, Oklahoma
In Wynnewood, 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 Garvin 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. In Wynnewood, 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 Wynnewood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 73098 has both the highest and lowest median tax bill, valued at $523.
Average Wynnewood Assessed Value
$73,090
Average Garvin County Assessed Value
$84,504
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wynnewood, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73098 | $29,132 | $45,915 | $73,090 | $120,292 | $196,439 |
Source: Ownwell
Property Tax Bills Across Wynnewood, Oklahoma
In Wynnewood, located in Garvin County, OK, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. For homeowners, understanding how these bills are determined is crucial. The median home price in Wynnewood is $73,090, and property taxes are influenced by various factors including the property's assessed value, local tax rates, and applicable exemptions. The tax bill can vary significantly, with the 25th percentile at $300 and the 75th percentile reaching $920. At the higher end, the 90th percentile tax bill is $1,556. These figures highlight the range of property tax burdens homeowners might face. Wynnewood's property tax rate is notably lower than the national median of 0.99%, making it relatively affordable for residents. This affordability can be a significant factor for potential homeowners when considering the long-term costs of owning property in Wynnewood.
Average Wynnewood Tax Bill
$523
Average Garvin County Tax Bill
$559
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Wynnewood, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73098 | $153 | $300 | $523 | $920 | $1,556 |
Source: Ownwell