Oakwood, Oklahoma Property Taxes
The median property tax rate in Oakwood, OK is 0.69%, which is notably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Oakwood at $174,987, the typical annual property tax bill is $1,208, significantly below the national median of $2,690. Property taxes in Oakwood are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Oakwood'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 Oakwood 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
Oakwood, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$1,207
Ownwell’s Oakwood Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Oakwood with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Oakwood to project your property tax bill. This valuable tool provides a clear understanding of potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available further down the page. Your property’s assessed value is determined by the county for tax purposes and includes any applicable exemptions.
Property Tax Rates Across Oakwood, Oklahoma
Property taxes in Oakwood, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakwood is 0.69%, which is lower than the U.S. national median of 0.99%. Local government entities within Oakwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakwood 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 Oakwood's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73658 has both the highest and lowest median property tax rate of 0.69%, reflecting the uniformity in tax rates within this region. Understanding how these cities compare with Oakwood provides valuable insights into the varying tax landscape across Blaine County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oakwood Tax Rate
0.69%
Average Blaine County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oakwood, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73658 | 0.44% | 0.69% | 0.69% | 0.70% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Oakwood, Oklahoma
In Oakwood, 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 Blaine 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 Oakwood, 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. The median home price in Oakwood is $174,987. The zip code with the highest median tax bill is 73658, with a bill of $1,208. By being aware of these valuation processes in Oakwood, homeowners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Oakwood Assessed Value
$174,987
Average Blaine County Assessed Value
$69,107
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oakwood, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73658 | $26,953 | $34,389 | $174,987 | $197,695 | $228,648 |
Source: Ownwell
Property Tax Bills Across Oakwood, Oklahoma
In Oakwood, Blaine County, OK, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. The assessed value is a percentage of the property's market value, and this percentage varies depending on local regulations. Once the assessed value is established, the tax rate, often referred to as the millage rate, is applied. This rate is determined by local taxing authorities and can fluctuate based on budgetary needs for public services such as schools, infrastructure, and emergency services. For homeowners in Oakwood, property tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $240, while at the 75th percentile, it rises to $1,371. At the 90th percentile, the tax bill can reach as high as $1,718. These variations highlight the impact of property value and local tax rates on individual tax bills. Compared to the national median property tax rate of 0.99%, Oakwood's rates can be quite variable, affecting homeowners' financial planning and budgeting.
Average Oakwood Tax Bill
$1,208
Average Blaine County Tax Bill
$441
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakwood, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73658 | $133 | $240 | $1,208 | $1,371 | $1,718 |
Source: Ownwell