Willow, Oklahoma Property Taxes
The median property tax rate in Willow, OK is 0.95%, slightly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Willow, the typical annual property tax bill reaches $437, which is significantly lower than the national median of $2,690. Property taxes in Willow are calculated based on the tax assessed value, often below the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Willow'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 Willow 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
Willow, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$455
Ownwell’s Willow Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Willow with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Willow 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 Willow, Oklahoma
Property taxes in Willow, Oklahoma, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Willow is 0.81%, lower than both the Oklahoma state median of 0.87% and the U.S. national median of 0.99%. Local government entities within Willow set these rates annually, and they can vary significantly across different neighborhoods. Each year, Willow 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 Willow's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73673 zip code has the highest median property tax rate of 0.95%, while the same zip code also has the lowest median tax rate of 0.95%. Understanding how these cities compare with Willow provides valuable insights into the varying tax landscape across 40055 County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Willow Tax Rate
0.95%
Average Greer County Tax Rate
0.93%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Willow, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73673 | 0.47% | 0.77% | 0.95% | 1.01% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Willow, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Willow, OK. 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 Greer 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 Willow, 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 Willow helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills both occur in zip code 73673, each at $437.
Average Willow Assessed Value
$47,893
Average Greer County Assessed Value
$39,958
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Willow, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73673 | $15,850 | $27,338 | $47,893 | $81,200 | $143,588 |
Source: Ownwell
Property Tax Bills Across Willow, Oklahoma
In Willow, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Willow stands at $47,893. Property tax rates are applied to this assessed value to determine the annual tax bill. Various factors influence the tax bill, including the home's location within Greer County and any applicable exemptions or deductions. For homeowners in Willow, the tax bill can vary significantly. At the 25th percentile, the tax bill is around $219, while at the 75th percentile, it reaches approximately $773. For those at the 90th percentile, the tax bill can go up to $1,202. The highest and lowest median tax bills in the region both stand at $437, making it crucial for homeowners to understand these variations to effectively manage their finances. Compared to the national median property tax rate of 0.99%, Willow's rates can offer a relatively affordable option for homeowners, depending on their specific circumstances and assessed property values.
Average Willow Tax Bill
$437
Average Greer County Tax Bill
$334
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Willow, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73673 | $97 | $219 | $437 | $773 | $1,202 |
Source: Ownwell