Depew, Oklahoma Property Taxes
The median property tax rate in Depew, Oklahoma is 0.52%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Depew being $92,524, the typical annual property tax bill is $456, well below the national median of $2,690. Property taxes in Depew are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Depew'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 Depew 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
Depew, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.52%
Estimate Property Tax Bill
$481
Ownwell’s Depew Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Depew with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Depew 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 Depew, Oklahoma
Property taxes in Depew, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Depew is 0.52%, which is lower than the U.S. national median of 0.99%. Local government entities within Depew set these rates annually, and they can vary significantly across different neighborhoods. Each year, Depew 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 Depew's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74028 zip code has both the highest and lowest median property tax rate of 0.52%. Understanding how these cities compare with Depew provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Depew Tax Rate
0.52%
Average Lincoln County Tax Rate
0.78%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Depew, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74028 | 0.38% | 0.43% | 0.52% | 0.64% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Depew, Oklahoma
In Depew, 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 Lincoln 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 Depew, 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. With a median home price of $92,524, the tax bill varies significantly, ranging from $395 at the 25th percentile to $796 at the 90th percentile. Both the highest and lowest median tax bills in the area are recorded at $456 in the 74028 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Depew Assessed Value
$92,524
Average Lincoln County Assessed Value
$92,516
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Depew, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74028 | $55,538 | $60,127 | $92,524 | $142,360 | $178,341 |
Source: Ownwell
Property Tax Bills Across Depew, Oklahoma
In Depew, within Lincoln County, OK, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a fraction of the market value, determined by county assessors. Factors such as property size, location, and improvements influence this value. The local tax rate, applied to the assessed value, determines the annual tax bill. Homeowners in Depew can expect varying tax bills. For instance, at the 25th percentile, the tax bill is around $395, while at the 75th percentile, it rises to approximately $599. The 90th percentile sees tax bills reaching up to $796. These figures highlight the range of property tax burdens in the area, influenced by home values and assessment practices. Comparatively, the national median property tax rate is 0.99%, providing a benchmark for understanding local rates. High property taxes can impact homeowners by increasing their annual expenses, potentially affecting housing affordability and overall financial planning.
Average Depew Tax Bill
$456
Average Lincoln County Tax Bill
$648
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Depew, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74028 | $344 | $395 | $456 | $599 | $796 |
Source: Ownwell