Wayne, Oklahoma Property Taxes
The median property tax rate in Wayne, OK is 0.79%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $103,409 in Wayne, the typical annual property tax bill is approximately $704, significantly less than the national median of $2,690. Property taxes in Wayne are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Wayne'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 Wayne or another part of McClain County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wayne, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$817
Ownwell’s Wayne Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wayne with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wayne 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 McClain County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Wayne, Oklahoma
Property taxes in Wayne, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wayne is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Wayne set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wayne 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. For comparison, the zip code 73095 has both the highest and lowest median property tax rate of 0.79%, reflecting a uniform tax landscape within the region. Understanding how these rates compare with Wayne 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 Wayne Tax Rate
0.79%
Average Mcclain County Tax Rate
0.93%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wayne, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73095 | 0.38% | 0.57% | 0.79% | 0.92% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Wayne, Oklahoma
In Wayne, 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 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 Wayne, 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. For instance, the median home price in Wayne is $103,409, with property tax bills ranging from $384 at the 25th percentile to $1,290 at the 75th percentile. The zip code 73095 has the highest and lowest median tax bill at $704. 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 Wayne helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wayne Assessed Value
$103,409
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 Wayne, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73095 | $32,834 | $61,138 | $103,409 | $175,215 | $281,090 |
Source: Ownwell
Property Tax Bills Across Wayne, Oklahoma
Calculating property tax bills in Wayne, located in McClain County, Oklahoma, involves several key factors. Homeowners' tax bills are based on the assessed value of their property, which is determined by the local tax assessor. The assessed value typically represents a percentage of the property's market value. In Wayne, the median home price is $103,409, and tax rates are applied to this assessed value to calculate the annual tax bill. For example, property tax bills in Wayne vary significantly, with the 25th percentile at $384 and the 75th percentile reaching $1,290. The highest median tax bill recorded in the area is $704, which is notably lower than the national median property tax rate of 0.99%. These tax bills directly impact homeowners by influencing their annual housing costs and overall affordability. Understanding these factors can help homeowners anticipate their financial obligations and plan accordingly, ensuring they are prepared for their property tax responsibilities.
Average Wayne Tax Bill
$704
Average Mcclain County Tax Bill
$1,871
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Wayne, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73095 | $214 | $384 | $704 | $1,290 | $2,264 |
Source: Ownwell