Stonewall, Oklahoma Property Taxes
The median property tax rate in Stonewall, OK is 0.77%, lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Stonewall at $87,424, the typical annual property tax bill reaches $607, significantly below the national median of $2,690. Property taxes in Stonewall 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 Stonewall'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 Stonewall 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
Stonewall, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$673
Ownwell’s Stonewall Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Stonewall with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stonewall to provide an estimated property tax bill. This insightful tool is designed to help you understand potential tax liabilities. For those interested in more granular data, you can explore trends on a neighborhood level by scrolling down for localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Stonewall, Oklahoma
Property taxes in Stonewall, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stonewall is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Stonewall set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stonewall 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 Stonewall's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74871 has both the highest and lowest median property tax rate of 0.77%. Understanding how these cities compare with Stonewall provides valuable insights into the varying tax landscape across Pontotoc County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Stonewall Tax Rate
0.77%
Average Pontotoc County Tax Rate
0.93%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stonewall, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74871 | 0.34% | 0.53% | 0.77% | 0.98% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Stonewall, Oklahoma
In Stonewall, 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 Pontotoc 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 Stonewall, 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 Stonewall helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills is 74871, with both at $607.
Average Stonewall Assessed Value
$87,424
Average Pontotoc County Assessed Value
$99,145
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Stonewall, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74871 | $27,854 | $52,947 | $87,424 | $153,008 | $244,889 |
Source: Ownwell
Property Tax Bills Across Stonewall, Oklahoma
Property tax bills in Stonewall, Pontotoc County, OK, are calculated based on the assessed value of the property, which is a percentage of the property's market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including property location, size, and improvements. For homeowners in Stonewall, the median home price is $87,424, and tax bills can vary significantly. For instance, the 25th percentile tax bill is $312, while the 75th percentile reaches $1,163. At the 90th percentile, homeowners might see bills as high as $2,283. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. In the zip code 74871, both the highest and lowest median tax bills are $607, indicating a degree of uniformity in tax assessments within that area. Property taxes directly impact homeowners by influencing their overall housing costs and potentially affecting property values.
Average Stonewall Tax Bill
$607
Average Pontotoc County Tax Bill
$821
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Stonewall, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74871 | $148 | $312 | $607 | $1,163 | $2,283 |
Source: Ownwell