Lone Wolf, Oklahoma Property Taxes
The median property tax rate in Lone Wolf, OK is 0.76%, which is notably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Lone Wolf, the typical annual property tax bill amounts to $318, significantly less than the national median of $2,690. Property taxes in Lone Wolf are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lone Wolf'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 Lone Wolf or another part of the city, mastering the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lone Wolf, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$362
Ownwell’s Lone Wolf Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lone Wolf with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lone Wolf 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 Lone Wolf, Oklahoma
Property taxes in Lone Wolf, Oklahoma, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lone Wolf is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Lone Wolf set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lone Wolf 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 Lone Wolf's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73655 zip code has the highest median property tax rate of 0.76%, while the same zip code also has the lowest median tax rate of 0.76%. Understanding how these cities compare with Lone Wolf provides valuable insights into the varying tax landscape across Kiowa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lone Wolf Tax Rate
0.76%
Average Kiowa County Tax Rate
0.85%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lone Wolf, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73655 | 0.37% | 0.54% | 0.76% | 0.82% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Lone Wolf, Oklahoma
In Lone Wolf, 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 Kiowa County Assessor's Office 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 Lone Wolf, 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 Lone Wolf helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $318, found in the 73655 zip code.
Average Lone Wolf Assessed Value
$47,654
Average Kiowa County Assessed Value
$46,198
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lone Wolf, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73655 | $13,430 | $26,428 | $47,654 | $78,476 | $143,988 |
Source: Ownwell
Property Tax Bills Across Lone Wolf, Oklahoma
In Lone Wolf, property tax bills are calculated based on the assessed value of a home, which is determined by the Kiowa County assessor. The assessed value is typically a percentage of the property's market value. For instance, if the median home price in Lone Wolf is $47,654, the assessed value would be a fraction of this amount. The property tax rate is then applied to this assessed value to determine the tax bill. Various factors influence the assessed value, including the property's location, size, and condition. In Lone Wolf, the tax bills can vary significantly. At the 25th percentile, homeowners might pay around $148, while those in the 75th percentile could see bills as high as $569. For the top 10% of properties, tax bills can reach up to $1,123. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for Lone Wolf residents. Understanding these factors can help homeowners anticipate their annual property tax obligations and plan accordingly.
Average Lone Wolf Tax Bill
$318
Average Kiowa County Tax Bill
$368
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Lone Wolf, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73655 | $64 | $148 | $318 | $569 | $1,123 |
Source: Ownwell