Warwick, Oklahoma Property Taxes
The median property tax rate in Warwick, OK is 0.73%, notably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $29,546 in Warwick, the typical annual property tax bill amounts to $254, which is significantly below the national median of $2,690. Property taxes in Warwick are determined based on the tax assessed value, which usually falls below the market value due to exemptions such as those for primary residences and agricultural properties. Navigating Warwick's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Warwick 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
Warwick, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$216
Ownwell’s Warwick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Warwick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Warwick 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 Warwick, Oklahoma
Property taxes in Warwick, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Warwick is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Warwick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Warwick 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 Warwick's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74881 zip code has both the highest and lowest median property tax rate of 0.73%. Understanding how these areas compare with Warwick 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 Warwick Tax Rate
0.73%
Average Lincoln County Tax Rate
0.78%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Warwick, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74881 | 0.38% | 0.60% | 0.73% | 0.88% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Warwick, Oklahoma
In Warwick, 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 Warwick, 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. The median home price in Warwick is $29,546, with tax bills ranging from $194 at the 25th percentile to $725 at the 90th percentile. The highest and lowest median tax bills are both $254 in the 74881 zip code. Being aware of these valuation processes in Warwick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Warwick Assessed Value
$29,546
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 Warwick, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74881 | $23,271 | $25,979 | $29,546 | $61,978 | $107,105 |
Source: Ownwell
Property Tax Bills Across Warwick, Oklahoma
In Warwick, Lincoln County, OK, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The local tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence this calculation, including the home's market value, local tax rates, and any applicable exemptions. For homeowners in Warwick, the median home price is $29,546. Tax bills can vary significantly, with the 25th percentile at $194 and the 75th percentile at $412. The 90th percentile tax bill can reach up to $725. The highest and lowest median tax bills in the area are both $254, found in the 74881 zip code. Comparatively, the national median property tax rate is 0.99%, highlighting that Warwick's tax rates may offer some relief to homeowners. Understanding these factors is crucial for homeowners to anticipate their annual property tax obligations and plan their finances accordingly.
Average Warwick Tax Bill
$254
Average Lincoln County Tax Bill
$648
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Warwick, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74881 | $104 | $194 | $254 | $412 | $725 |
Source: Ownwell