Oakwood, Oklahoma Property Taxes
The median property tax rate in Oakwood, OK is 0.57%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $83,661 in Oakwood, the typical annual property tax bill amounts to $438, well 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 exemptions like 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
0.57%
Estimate Property Tax Bill
$477
Ownwell’s Oakwood Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Oakwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oakwood to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities, making it easier to plan your finances. For those interested in more granular insights, scrolling down reveals trends at the neighborhood level. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Oakwood, Oklahoma
Property taxes in Oakwood, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakwood is 0.57%, which is lower than both the Oklahoma state median and 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 73658 zip code has both the highest and lowest median property tax rate of 0.57%. Understanding how these cities compare with Oakwood provides valuable insights into the varying tax landscape across Dewey County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oakwood Tax Rate
0.57%
Average Dewey 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 | 0.29% | 0.42% | 0.57% | 0.67% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Oakwood, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Oakwood, Oklahoma. 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 Dewey 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. For instance, the highest median tax bill in Oakwood is $438 in the zip code 73658. 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 Oakwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Oakwood Assessed Value
$83,661
Average Dewey County Assessed Value
$78,646
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 | $14,411 | $41,859 | $83,661 | $134,888 | $199,410 |
Source: Ownwell
Property Tax Bills Across Oakwood, Oklahoma
In Oakwood, Dewey County, OK, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Oakwood is $83,661. Tax rates are applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Oakwood can expect tax bills that vary significantly; the 25th percentile tax bill is around $201, while the 75th percentile reaches $693. For those at the 90th percentile, tax bills can be as high as $1,429. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. The highest and lowest median tax bill in Oakwood both stand at $438, indicating a relatively uniform tax landscape within certain areas of the city. Understanding these factors helps homeowners anticipate their annual expenses and manage their finances effectively.
Average Oakwood Tax Bill
$438
Average Dewey County Tax Bill
$505
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 | $70 | $201 | $438 | $693 | $1,429 |
Source: Ownwell