Swink, Oklahoma Property Taxes
The median property tax rate in Swink, OK is 0.56%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Swink at $34,996, the typical annual property tax bill is just $164, well below the national median of $2,690. Property taxes in Swink 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 Swink'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 Swink or another part of Choctaw County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Swink, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$196
Ownwell’s Swink Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Swink with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Swink 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 Swink, Oklahoma
Property taxes in Swink, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Swink is 0.56%, which is lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Swink set these rates annually, and they can vary significantly across different neighborhoods. Each year, Swink 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. For comparison, the 74761 zip code has both the highest and lowest median property tax rate of 0.56%. Understanding how these rates compare with Swink provides valuable insights into the varying tax landscape across Choctaw County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Swink Tax Rate
0.56%
Average Choctaw County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Swink, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74761 | 0.11% | 0.32% | 0.56% | 0.70% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Swink, Oklahoma
In Swink, 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 Choctaw 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 Swink, 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 Swink helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 74761 has the highest and lowest median tax bill at $164.
Average Swink Assessed Value
$34,996
Average Choctaw County Assessed Value
$60,068
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Swink, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74761 | $14,255 | $21,688 | $34,996 | $66,668 | $107,819 |
Source: Ownwell
Property Tax Bills Across Swink, Oklahoma
In Swink, Choctaw County, OK, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is a percentage of the property's market value. Various factors contribute to this assessment, including the property's location, size, and condition. Homeowners in Swink can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $119, while the 75th percentile reaches $394. At the higher end, the 90th percentile tax bill can be as much as $861. The median tax bill in Swink is $164, which is significantly lower than the national median property tax rate of 0.99%. These tax bills can impact homeowners by influencing their annual budgeting and long-term financial planning. Lower property taxes can make homeownership more affordable, but they also reflect the level of public services funded by these taxes.
Average Swink Tax Bill
$164
Average Choctaw County Tax Bill
$370
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Swink, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74761 | $20 | $119 | $164 | $394 | $861 |
Source: Ownwell