Sweetwater, Oklahoma Property Taxes
The median property tax rate in Sweetwater, Oklahoma is 0.62%, considerably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Sweetwater, the typical annual property tax bill reaches $554, significantly below the national median of $2,690. Property taxes in Sweetwater are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Sweetwater'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 Sweetwater 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
Sweetwater, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$707
Ownwell’s Sweetwater Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sweetwater with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sweetwater 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 Sweetwater, Oklahoma
Property taxes in Sweetwater, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sweetwater is 0.62%, lower than the U.S. national median of 0.99%. Local government entities within Sweetwater set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sweetwater 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 Sweetwater's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73666 zip code has the highest median property tax rate of 0.62%, while the 73666 zip code also has the lowest median tax rate of 0.62%. Understanding how these cities compare with Sweetwater provides valuable insights into the varying tax landscape across Beckham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sweetwater Tax Rate
0.62%
Average Beckham County Tax Rate
0.93%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sweetwater, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73666 | 0.22% | 0.35% | 0.62% | 0.77% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Sweetwater, Oklahoma
In Sweetwater, 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 Beckham 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. 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 Sweetwater helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Sweetwater, the highest and lowest median tax bills are both $554.00, found in the 73666 zip code.
Average Sweetwater Assessed Value
$114,071
Average Beckham County Assessed Value
$93,844
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sweetwater, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73666 | $40,103 | $62,071 | $114,071 | $174,154 | $213,084 |
Source: Ownwell
Property Tax Bills Across Sweetwater, Oklahoma
In Sweetwater, Beckham County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. For example, with a median home price of $114,071, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is around $266, while at the 75th percentile, it rises to approximately $1,148. The 90th percentile sees tax bills as high as $1,739. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions. These taxes fund essential services like schools, infrastructure, and emergency services, impacting homeowners by contributing to community well-being. Compared to the national median property tax rate of 0.99%, Sweetwater's rates may be more or less favorable, affecting overall affordability and cost of living in the area.
Average Sweetwater Tax Bill
$554
Average Beckham County Tax Bill
$783
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Sweetwater, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73666 | $96 | $266 | $554 | $1,148 | $1,739 |
Source: Ownwell