Watson, Oklahoma Property Taxes
The median property tax rate in Watson, OK is 0.75%, which is significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $45,347 in Watson, the typical annual property tax bill is $344, well below the national median of $2,690. Property taxes in Watson are calculated based on the tax-assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Watson'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 Watson or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Watson, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$340
Ownwell’s Watson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Watson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Watson 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 Watson, Oklahoma
Property taxes in Watson, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Watson is 0.75%, lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Watson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Watson 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 Watson's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74963 zip code has the highest median property tax rate of 0.75%, while the same 74963 zip code also has the lowest median tax rate of 0.75%. Understanding how these cities compare with Watson provides valuable insights into the varying tax landscape across McCurtain County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Watson Tax Rate
0.75%
Average Mccurtain County Tax Rate
0.79%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Watson, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74963 | 0.41% | 0.58% | 0.75% | 0.91% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Watson, Oklahoma
In Watson, 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 McCurtain 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 Watson, 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 Watson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $344 in zip code 74963, while the lowest median tax bill is also $344, highlighting a uniform tax structure within the region.
Average Watson Assessed Value
$45,347
Average Mccurtain County Assessed Value
$64,043
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Watson, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74963 | $18,911 | $28,748 | $45,347 | $69,288 | $123,476 |
Source: Ownwell
Property Tax Bills Across Watson, Oklahoma
In Watson, OK, property tax bills are calculated based on the assessed value of a home, which is determined by the McCurtain County Assessor's Office. The assessed value is typically a percentage of the market value of the property. Various factors influence this assessed value, including the property's location, size, and condition. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. For homeowners in Watson, the median home price is $45,347. Property tax bills vary significantly, with the 25th percentile at $190 and the 75th percentile at $532. The highest median tax bill in the area is $344, found in the 74963 zip code. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Watson's property tax rates offer a relatively affordable option for homeowners, making it an attractive location for property investment.
Average Watson Tax Bill
$344
Average Mccurtain County Tax Bill
$440
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Watson, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74963 | $102 | $190 | $344 | $532 | $961 |
Source: Ownwell