Gotebo, Oklahoma Property Taxes
The median property tax rate in Gotebo, OK is 0.87%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Gotebo at $22,648, the typical annual property tax bill is around $180, significantly less than the national median of $2,690. Property taxes in Gotebo are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural land. Understanding Gotebo'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 Gotebo or another part of Kiowa County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gotebo, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$197
Ownwell’s Gotebo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gotebo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gotebo 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 Gotebo, Oklahoma
Property taxes in Gotebo, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gotebo is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Gotebo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gotebo 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. Understanding how Gotebo's effective property tax rate compares with other areas provides valuable insights into the varying tax landscape across Kiowa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gotebo Tax Rate
0.87%
Average Kiowa County Tax Rate
0.85%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gotebo, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73041 | 0.38% | 0.61% | 0.87% | 1.04% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Gotebo, Oklahoma
In Gotebo, 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 local 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 Gotebo, 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 Gotebo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Gotebo are both $180.00, associated with the zip code 73041.
Average Gotebo Assessed Value
$22,648
Average Kiowa County Assessed Value
$46,198
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gotebo, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73041 | $8,044 | $14,906 | $22,648 | $50,928 | $98,838 |
Source: Ownwell
Property Tax Bills Across Gotebo, Oklahoma
In Gotebo, located in Kiowa County, 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 Gotebo is $22,648. The local tax rate is applied to this assessed value to determine the annual tax bill. For instance, with the national median property tax rate at 0.99%, Gotebo homeowners might see different tax bills depending on their property's valuation. Factors such as property improvements, changes in the market value, and local tax levies also play a significant role in determining the final tax bill. For example, the tax bill at the 25th percentile is $89, while at the 75th percentile, it rises to $443, and at the 90th percentile, it can be as high as $838. These varying amounts reflect differences in property values and assessments within the area. Homeowners in Gotebo should be aware of these factors as they directly impact their annual property tax obligations.
Average Gotebo Tax Bill
$180
Average Kiowa County Tax Bill
$368
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Gotebo, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73041 | $30 | $89 | $180 | $443 | $838 |
Source: Ownwell