Newalla, Oklahoma Property Taxes
The median property tax rate in Newalla, OK is 1.10%, slightly higher than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Newalla at $119,505, the typical annual property tax bill is $1,180, which is lower than the national median of $2,690. Property taxes in Newalla are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Newalla'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 Newalla or another part of Pottawatomie County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Newalla, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$1,315
-$13,777
Ownwell’s Newalla Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newalla with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newalla 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 Newalla, Oklahoma
Property taxes in Newalla, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newalla is 1.10%, higher than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Newalla set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newalla 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 Newalla's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74857 zip code has the highest median property tax rate of 1.10%, while the same zip code also has the lowest median tax rate of 1.10%. Understanding how these cities compare with Newalla provides valuable insights into the varying tax landscape across Pottawatomie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newalla Tax Rate
1.10%
Average Pottawatomie County Tax Rate
1.04%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newalla, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74857 | 0.59% | 0.87% | 1.10% | 1.19% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Newalla, Oklahoma
In Newalla, 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 Pottawatomie 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 Newalla, 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 Newalla helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 74857, with a median tax bill of $1,180.
Average Newalla Assessed Value
$119,505
Average Pottawatomie County Assessed Value
$87,932
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newalla, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74857 | $55,164 | $76,244 | $119,505 | $176,736 | $236,676 |
Source: Ownwell
Property Tax Bills Across Newalla, Oklahoma
In Newalla, located in Pottawatomie County, OK, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. For instance, with a median home price of $119,505, homeowners can expect varying tax bills depending on the specific assessed value and applicable tax rates. The property tax rate in Pottawatomie County hovers around the national median, influencing the overall tax bill. Several factors contribute to the final tax bill, including the home's assessed value, local tax rates, and any applicable exemptions or deductions. For example, homeowners in the 25th percentile might see tax bills around $672, while those in the 75th percentile could pay approximately $1,828. At the higher end, the 90th percentile tax bill can reach up to $2,634. These property taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, making it crucial for residents to understand how their tax bills are determined and managed.
Average Newalla Tax Bill
$1,180
Average Pottawatomie County Tax Bill
$764
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Newalla, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74857 | $495 | $672 | $1,180 | $1,828 | $2,634 |
Source: Ownwell