Hopeton, Oklahoma Property Taxes
The median property tax rate in Hopeton, OK is 0.46%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $56,733 in Hopeton, the typical annual property tax bill is $260, well below the national median of $2,690. Property taxes in Hopeton are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Hopeton'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 Hopeton or another part of Woods County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hopeton, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.46%
Estimate Property Tax Bill
$261
Ownwell’s Hopeton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hopeton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hopeton 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 Hopeton, Oklahoma
Property taxes in Hopeton, Oklahoma, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hopeton is 0.46%, which is lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Hopeton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hopeton 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 Hopeton's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the ZIP code 73746 has both the highest and lowest median property tax rate of 0.46%. Understanding how these areas compare with Hopeton provides valuable insights into the varying tax landscape across Woods County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hopeton Tax Rate
0.46%
Average Woods County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hopeton, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73746 | 0.46% | 0.46% | 0.46% | 0.46% | 0.46% |
Source: Ownwell
Property Tax Assessment Values Across Hopeton, Oklahoma
In Hopeton, 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 Woods 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. Assessment notices in Hopeton 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 Hopeton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Interestingly, the highest and lowest median tax bills in Hopeton are both $260, found in zip code 73746.
Average Hopeton Assessed Value
$56,733
Average Woods County Assessed Value
$89,049
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hopeton, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73746 | $56,733 | $56,733 | $56,733 | $56,733 | $56,733 |
Source: Ownwell
Property Tax Bills Across Hopeton, Oklahoma
In Hopeton, OK, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The median home price in Hopeton is $56,733, and the property tax rate in Woods County is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Hopeton, the property tax bill is relatively uniform, with the 25th, 75th, and 90th percentiles all at $260, indicating a consistent tax burden across different property values. This amount is significantly lower than the national median property tax rate of 0.99%, making Hopeton an attractive location for homeowners looking to minimize their tax expenses. Understanding these factors helps homeowners anticipate their annual tax obligations and budget accordingly, ensuring they are prepared for any financial commitments related to their property.
Average Hopeton Tax Bill
$260
Average Woods County Tax Bill
$565
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Hopeton, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73746 | $260 | $260 | $260 | $260 | $260 |
Source: Ownwell