Washington, Oklahoma Property Taxes
The median property tax rate in Washington, OK is 0.89%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Washington, the typical annual property tax bill reaches $2,083, falling below the national median of $2,690. Property taxes in Washington 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 Washington'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 Washington 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
Washington, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$2,287
Ownwell’s Washington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Washington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Washington 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 Washington, Oklahoma
Property taxes in Washington, Oklahoma, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Washington is 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within Washington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Washington 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 Washington's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73093 zip code has the highest median property tax rate of 0.89%, while the same zip code also has the lowest median tax rate of 0.89%. Understanding how these figures compare with Washington provides valuable insights into the varying tax landscape across McClain County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Washington Tax Rate
0.89%
Average Mcclain County Tax Rate
0.93%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Washington, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73093 | 0.35% | 0.56% | 0.89% | 1.08% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Washington, Oklahoma
In Washington, 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 McClain 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 Washington, 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 Washington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Washington is $2,083 in the 73093 zip code, while the lowest median tax bill is also $2,083 in the same zip code.
Average Washington Assessed Value
$256,968
Average Mcclain County Assessed Value
$212,546
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Washington, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73093 | $82,550 | $160,823 | $256,968 | $393,361 | $570,836 |
Source: Ownwell
Property Tax Bills Across Washington, Oklahoma
In Washington, McClain County, OK, property tax bills are calculated based on the assessed value of the home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $256,968, homeowners can expect varying tax bills depending on the assessed value and applicable tax rate. Factors such as property location, size, and improvements can influence the assessed value, thereby affecting the tax bill. In Washington, the 25th percentile tax bill is $864, while the 75th percentile tax bill is $3,596, and the 90th percentile tax bill reaches $5,756. These figures indicate the range within which most homeowners' tax bills fall, providing a clear picture of the financial impact on residents. Comparatively, the national median property tax rate is 0.99%, highlighting how Washington’s tax bills align with or diverge from broader trends. Homeowners must budget accordingly to manage these annual expenses effectively.
Average Washington Tax Bill
$2,083
Average Mcclain County Tax Bill
$1,871
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Washington, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73093 | $457 | $864 | $2,083 | $3,596 | $5,756 |
Source: Ownwell