Wellston, Oklahoma Property Taxes
The median property tax rate in Wellston, OK is 0.71%, considerably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $84,968 in Wellston, the typical annual property tax bill amounts to $516, far below the national median of $2,690. Property taxes in Wellston are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Wellston'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 Wellston or another part of Lincoln County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wellston, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$603
Ownwell’s Wellston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wellston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wellston 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 Lincoln County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Wellston, Oklahoma
Property taxes in Wellston, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wellston is 0.71%, lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Wellston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wellston 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 Wellston's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the ZIP code 74881 has both the highest and lowest median property tax rate of 0.71%. Understanding how these cities compare with Wellston 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 Wellston Tax Rate
0.71%
Average Lincoln County Tax Rate
0.78%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wellston, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74881 | 0.30% | 0.49% | 0.71% | 0.87% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Wellston, Oklahoma
In Wellston, 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 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 Wellston, 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 Wellston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Wellston are both $516, specifically in the 74881 zip code.
Average Wellston Assessed Value
$84,968
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 Wellston, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74881 | $24,236 | $44,078 | $84,968 | $156,182 | $252,452 |
Source: Ownwell
Property Tax Bills Across Wellston, Oklahoma
In Wellston, OK, located in Lincoln County, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the market value, determined by the county assessor. Factors such as property type, location, and improvements can influence this value. The median home price in Wellston is $84,968, which serves as a baseline for calculating taxes. Homeowners in the 25th percentile can expect a tax bill around $236, while those in the 75th percentile might pay approximately $1,098. At the 90th percentile, tax bills can reach up to $2,033. These figures highlight the variability in property tax obligations based on home value, affecting homeowners differently. The median tax bill in Wellston stands at $516, which is significantly lower than the national median property tax rate of 0.99%. This lower tax burden can make Wellston an attractive place for homeowners seeking affordability.
Average Wellston Tax Bill
$516
Average Lincoln County Tax Bill
$648
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Wellston, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74881 | $119 | $236 | $516 | $1,098 | $2,033 |
Source: Ownwell