Welch, Oklahoma Property Taxes
The median property tax rate in Welch, OK is 0.77%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $82,977 in Welch, the typical annual property tax bill is around $612, significantly below the national median of $2,690. Property taxes in Welch are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Welch'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 Welch or another part of Craig County, being well-versed in the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Welch, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$639
Ownwell’s Welch Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Welch with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Welch 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 Welch, Oklahoma
Property taxes in Welch, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Welch is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Welch set these rates annually, and they can vary significantly across different neighborhoods. Each year, Welch 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 Welch's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74369 zip code has the highest median property tax rate of 0.77%, while the same zip code also has the lowest median tax rate of 0.77%. Understanding how these cities compare with Welch provides valuable insights into the varying tax landscape across Craig County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Welch Tax Rate
0.77%
Average Craig County Tax Rate
0.82%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Welch, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74369 | 0.44% | 0.60% | 0.77% | 0.89% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Welch, Oklahoma
In Welch, 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 Craig 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 Welch, 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 Welch helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 74369 has both the highest and lowest median tax bills, with a value of $612.
Average Welch Assessed Value
$82,977
Average Craig County Assessed Value
$75,683
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Welch, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74369 | $34,152 | $54,480 | $82,977 | $142,752 | $225,349 |
Source: Ownwell
Property Tax Bills Across Welch, Oklahoma
In Welch, property tax bills are calculated based on the assessed value of a home, which is determined by the Craig County assessor. This assessed value is a percentage of the market value of the property. Homeowners in Welch can expect their property tax bills to vary significantly, with the 25th percentile paying around $338 and the 75th percentile paying up to $1,123. The highest median tax bill recorded in the area is $612, which is notably lower than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. These taxes fund essential local services such as schools, infrastructure, and emergency services, directly impacting the quality of life in Welch. For homeowners, understanding how their property tax is calculated and what factors are considered can help them better manage their finances and potentially appeal their assessments if they believe their property has been overvalued.
Average Welch Tax Bill
$612
Average Craig County Tax Bill
$568
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Welch, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74369 | $190 | $338 | $612 | $1,123 | $1,974 |
Source: Ownwell