Ringwood, Oklahoma Property Taxes
The median property tax rate in Ringwood, OK is 0.87%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Ringwood, the typical annual property tax bill amounts to $1,052, significantly below the national median of $2,690. Property taxes in Ringwood are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Ringwood'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 Ringwood or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ringwood, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$1,068
Ownwell’s Ringwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ringwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ringwood 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 Alfalfa County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Ringwood, Oklahoma
Property taxes in Ringwood, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ringwood is 0.87%, which is slightly below the U.S. national median of 0.99%. Local government entities within Ringwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ringwood 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 Ringwood's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the zip code 73768 has both the highest and lowest median property tax rate of 0.87%, highlighting the uniformity within the area. Understanding how these cities compare with Ringwood provides valuable insights into the varying tax landscape across Alfalfa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ringwood Tax Rate
0.87%
Average Alfalfa County Tax Rate
0.87%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ringwood, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73768 | 0.78% | 0.81% | 0.87% | 0.93% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Ringwood, Oklahoma
In Ringwood, 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 Alfalfa 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 Ringwood, 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 Ringwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $1052.00, found in the zip code 73768.
Average Ringwood Assessed Value
$122,707
Average Alfalfa County Assessed Value
$48,960
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ringwood, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73768 | $110,386 | $115,006 | $122,707 | $130,408 | $135,028 |
Source: Ownwell
Property Tax Bills Across Ringwood, Oklahoma
In Ringwood, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Ringwood, the median home price is $122,707, and the property tax rate in Alfalfa County is relatively modest compared to the national median of 0.99%. Factors such as property size, location, and improvements can influence the assessed value, which in turn affects the tax bill. For instance, the 25th percentile tax bill in Ringwood is $1,050, while the 75th percentile is slightly higher at $1,053, and the 90th percentile reaches $1,054. These figures indicate that most homeowners in the area pay similar amounts in property taxes, providing a predictable expense for budgeting. This consistency in property tax bills helps homeowners manage their finances more effectively and ensures that local services and infrastructure are adequately funded.
Average Ringwood Tax Bill
$1,052
Average Alfalfa County Tax Bill
$402
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Ringwood, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73768 | $1,049 | $1,050 | $1,052 | $1,053 | $1,054 |
Source: Ownwell