Wilburton, Oklahoma Property Taxes
The median property tax rate in Wilburton, OK is 0.92%, slightly below both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $53,033 in Wilburton, the typical annual property tax bill amounts to $444, which is significantly lower than the national median of $2,690. Property taxes in Wilburton are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Wilburton'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 Wilburton or another part of Latimer County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wilburton, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$488
Ownwell’s Wilburton Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Wilburton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wilburton 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 Latimer County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Wilburton, Oklahoma
Property taxes in Wilburton, Oklahoma, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Wilburton is 0.92%, which is slightly below the U.S. national median of 0.99%. Local government entities within Wilburton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wilburton 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 Wilburton's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the zip code 74578 has both the highest and lowest median property tax rate of 0.92%. Understanding how these areas compare with Wilburton provides valuable insights into the varying tax landscape across Latimer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wilburton Tax Rate
0.92%
Average Latimer County Tax Rate
0.84%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wilburton, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74578 | 0.52% | 0.73% | 0.92% | 1.12% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Wilburton, Oklahoma
In Wilburton, 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 Latimer 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 Wilburton, 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 Wilburton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 74578 has both the highest and lowest median tax bills, each at $444.
Average Wilburton Assessed Value
$53,033
Average Latimer County Assessed Value
$59,905
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wilburton, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74578 | $20,301 | $32,346 | $53,033 | $88,335 | $146,417 |
Source: Ownwell
Property Tax Bills Across Wilburton, Oklahoma
In Wilburton, located in Latimer County, OK, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. Local taxing authorities determine the assessed value, typically a percentage of the market value, and then apply the local tax rate to this assessed value to calculate the tax bill. For homeowners in Wilburton, the median home price is $53,033. Property tax bills can vary significantly, with the 25th percentile paying around $264 annually, while those in the 75th percentile face bills of approximately $792. The highest tax bills, found in the 90th percentile, can reach up to $1,417. These property taxes fund essential public services such as schools, emergency services, and infrastructure maintenance, directly impacting the quality of life in the community. Compared to the national median property tax rate of 0.99%, Wilburton's tax rates are relatively modest, reflecting the local economic conditions and property values.
Average Wilburton Tax Bill
$444
Average Latimer County Tax Bill
$444
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Wilburton, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74578 | $144 | $264 | $444 | $792 | $1,417 |
Source: Ownwell