Wetumka, Oklahoma Property Taxes
The median property tax rate in Wetumka, OK is 0.82%, 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 $40,096 in Wetumka, the typical annual property tax bill is $296, significantly below the national median of $2,690. Property taxes in Wetumka are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Wetumka's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Wetumka or another part of Hughes County, a thorough understanding of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wetumka, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$329
Ownwell’s Wetumka Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wetumka with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wetumka 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 Wetumka, Oklahoma
Property taxes in Wetumka, Oklahoma, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Wetumka is 0.82%, which is lower than the U.S. national median of 0.99%. Local government entities within Wetumka set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wetumka 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 Wetumka's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the area with the highest median property tax rate in Hughes County has a rate of 0.82%, while the area with the lowest median tax rate also stands at 0.82%. Understanding how these cities compare with Wetumka provides valuable insights into the varying tax landscape across Hughes County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wetumka Tax Rate
0.82%
Average Hughes County Tax Rate
0.85%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wetumka, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74883 | 0.43% | 0.63% | 0.82% | 0.94% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Wetumka, Oklahoma
In Wetumka, 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 Hughes 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 Wetumka, 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 Wetumka helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bill, both at $296, are found in the 74883 zip code.
Average Wetumka Assessed Value
$40,096
Average Hughes County Assessed Value
$41,920
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wetumka, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74883 | $9,281 | $20,794 | $40,096 | $73,754 | $119,335 |
Source: Ownwell
Property Tax Bills Across Wetumka, Oklahoma
In Wetumka, located in Hughes County, OK, property tax bills are calculated based on the assessed value of the property, which is derived from the market value. The assessed value is typically a percentage of the market value, and local tax rates are applied to this assessed value to determine the tax bill. Several factors influence the tax bill, including property location, size, and any applicable exemptions. Homeowners in Wetumka can expect a range of property tax bills. For instance, the 25th percentile tax bill is around $142, while the 75th percentile reaches approximately $581. At the higher end, the 90th percentile tax bill can be as much as $951. This variability reflects differences in property values and individual circumstances. The median property tax bill in Wetumka is $296, which is significantly lower than the national median property tax rate of 0.99%. These property taxes fund essential local services, such as schools, public safety, and infrastructure, directly impacting the community's quality of life.
Average Wetumka Tax Bill
$296
Average Hughes County Tax Bill
$328
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Wetumka, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74883 | $71 | $142 | $296 | $581 | $951 |
Source: Ownwell