Stonewall, Oklahoma Property Taxes
The median property tax rate in Stonewall, OK is 0.71%, lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $108,615 in Stonewall, the typical annual property tax bill is $578, significantly below the national median of $2,690. Property taxes in Stonewall are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Stonewall'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 Stonewall or another part of Johnston County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Stonewall, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$771
Ownwell’s Stonewall Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Stonewall with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stonewall 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 Stonewall, Oklahoma
Property taxes in Stonewall, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stonewall is 0.71%, which is lower than the U.S. national median of 0.99%. Local government entities within Stonewall set these rates annually, and they can vary across different neighborhoods. Each year, Stonewall 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 Stonewall's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74871 has both the highest and lowest median property tax rate of 0.71%. Understanding how these cities compare with Stonewall provides valuable insights into the varying tax landscape across Johnston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Stonewall Tax Rate
0.71%
Average Johnston County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stonewall, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74871 | 0.42% | 0.52% | 0.71% | 0.97% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Stonewall, Oklahoma
In Stonewall, 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 Johnston 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 Stonewall, 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 Stonewall helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 74871 has both the highest and lowest median tax bills at $578.
Average Stonewall Assessed Value
$108,615
Average Johnston County Assessed Value
$84,611
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Stonewall, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74871 | $48,708 | $69,896 | $108,615 | $168,592 | $241,748 |
Source: Ownwell
Property Tax Bills Across Stonewall, Oklahoma
Property tax bills in Stonewall, located in Johnston County, OK, are calculated based on the assessed value of a property, which is a percentage of its market value. In this region, the median home price stands at $108,615. The tax rate is applied to this assessed value to determine the annual tax bill. For example, homeowners in the 25th percentile can expect a tax bill around $407, while those in the 75th percentile might see bills closer to $1,104. The 90th percentile tax bill can reach up to $1,794. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions. This system ensures that tax obligations are proportionate to property values, impacting homeowners by directly correlating their tax bills with their property’s worth. Compared to the national median property tax rate of 0.99%, Stonewall's figures offer a localized perspective on property tax burdens, reflecting the economic landscape of Johnston County.
Average Stonewall Tax Bill
$578
Average Johnston County Tax Bill
$521
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Stonewall, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74871 | $188 | $407 | $578 | $1,104 | $1,794 |
Source: Ownwell