Wheatland, Oklahoma Property Taxes
The median property tax rate in Wheatland, OK is 0.88%, 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 $217,000 in Wheatland, the typical annual property tax bill is $1,799, falling below the national median of $2,690. Property taxes in Wheatland 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 Wheatland'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 Wheatland 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
Wheatland, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$1,910
Ownwell’s Wheatland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wheatland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wheatland 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 Wheatland, Oklahoma
Property taxes in Wheatland, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wheatland is 0.88%, which is lower than the U.S. national median of 0.99%. Local government entities within Wheatland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wheatland 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 Wheatland's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73097 zip code has the highest median property tax rate of 0.88%, while the same zip code also has the lowest median tax rate of 0.88%. Understanding how these cities compare with Wheatland provides valuable insights into the varying tax landscape across Oklahoma County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wheatland Tax Rate
0.88%
Average Oklahoma County Tax Rate
1.00%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wheatland, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73097 | 0.62% | 0.77% | 0.88% | 0.95% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Wheatland, Oklahoma
In Wheatland, 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 Oklahoma 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 Wheatland, 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 Wheatland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 73097 in Wheatland has the highest median tax bill of $1,799.
Average Wheatland Assessed Value
$217,000
Average Oklahoma County Assessed Value
$192,500
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wheatland, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73097 | $87,799 | $156,500 | $217,000 | $230,000 | $281,500 |
Source: Ownwell
Property Tax Bills Across Wheatland, Oklahoma
Property tax bills in Wheatland, located in Oklahoma County, OK, are calculated based on the assessed value of a property, which is typically a percentage of its market value. The median home price in Wheatland is $217,000. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For example, the median property tax rate in the U.S. is 0.99%, but local rates can vary. In Wheatland, property tax bills can range significantly. The 25th percentile tax bill is $1,289, while the 75th percentile tax bill is $2,349, and the 90th percentile tax bill reaches $2,694. These variations depend on factors like property size, location, and any applicable exemptions. Higher property taxes can impact homeowners by increasing the overall cost of homeownership, potentially affecting affordability. Conversely, lower tax rates can make homeownership more accessible. Understanding these factors is crucial for homeowners looking to manage their expenses effectively.
Average Wheatland Tax Bill
$1,799
Average Oklahoma County Tax Bill
$1,891
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Wheatland, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73097 | $624 | $1,289 | $1,799 | $2,349 | $2,694 |
Source: Ownwell