Hobart, Oklahoma Property Taxes
The median property tax rate in Hobart, 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 Hobart, the typical annual property tax bill reaches $400, significantly below the national median of $2,690. Property taxes in Hobart are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hobart'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 Hobart 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
Hobart, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$432
Ownwell’s Hobart Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hobart with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hobart 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 Hobart, Oklahoma
Property taxes in Hobart, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hobart is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Hobart set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hobart 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 Hobart's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73651 zip code has the highest median property tax rate of 0.87%, while the same zip code also has the lowest median tax rate of 0.87%. Understanding how these cities compare with Hobart 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 Hobart 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 Hobart, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73651 | 0.44% | 0.66% | 0.87% | 1.01% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Hobart, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hobart, 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 Kiowa County Assessor's Office 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 Hobart, 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 Hobart helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 73651 has the highest and lowest median tax bill, both at $400, reflecting the uniformity in tax assessments within the region.
Average Hobart Assessed Value
$49,655
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 Hobart, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73651 | $19,041 | $30,382 | $49,655 | $89,494 | $150,296 |
Source: Ownwell
Property Tax Bills Across Hobart, Oklahoma
In Hobart, Oklahoma, property tax bills are calculated based on the assessed value of a property, which is derived from its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Hobart, the median home price is around $49,655. The property tax bills can vary significantly, with the 25th percentile tax bill at $223 and the 75th percentile reaching $766. The highest tax bills, in the 90th percentile, can be as much as $1,384. These variations reflect differences in property values and specific assessments within the city. Comparing these figures to the national median property tax rate of 0.99%, Hobart's property taxes can be relatively manageable but still represent a significant expense for homeowners. Understanding how these taxes are calculated can help homeowners anticipate their annual financial obligations and plan accordingly.
Average Hobart Tax Bill
$400
Average Kiowa County Tax Bill
$368
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Hobart, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73651 | $102 | $223 | $400 | $766 | $1,384 |
Source: Ownwell