Hastings, Oklahoma Property Taxes
The median property tax rate in Hastings, OK is 0.88%, slightly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Hastings, the typical annual property tax bill reaches $456, significantly less than the national median of $2,690. Property taxes in Hastings 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 Hastings' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Hastings 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
Hastings, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$540
Ownwell’s Hastings Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hastings with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hastings 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 Hastings, Oklahoma
Property taxes in Hastings, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hastings is 0.88%, which is lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Hastings set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hastings 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 Hastings' effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73548 has the highest median property tax rate of 0.88%, while the same zip code also has the lowest median tax rate of 0.88%. Understanding how these cities compare with Hastings provides valuable insights into the varying tax landscape across Stephens County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hastings Tax Rate
0.88%
Average Stephens County Tax Rate
0.81%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hastings, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73548 | 0.47% | 0.74% | 0.88% | 1.00% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Hastings, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hastings, 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 Stephens 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 Hastings, 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 Hastings helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Hastings is $61,393, with median tax bills ranging from $205 at the 25th percentile to $1,117 at the 90th percentile. The highest and lowest median tax bills are both $456, found in zip code 73548.
Average Hastings Assessed Value
$61,393
Average Stephens County Assessed Value
$86,689
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hastings, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73548 | $20,003 | $34,072 | $61,393 | $83,833 | $121,360 |
Source: Ownwell
Property Tax Bills Across Hastings, Oklahoma
In Hastings, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value is a percentage of the market value of the property. Various factors are considered in this assessment, including the property's location, size, and condition. Once the assessed value is established, a local tax rate is applied to calculate the annual tax bill. For homeowners in Hastings, the tax bill can vary significantly. For example, the 25th percentile tax bill is around $205, while the 75th percentile tax bill is approximately $776. At the higher end, the 90th percentile tax bill reaches $1117. These figures illustrate the range of property tax obligations that homeowners might face, depending on the assessed value of their property and the specific tax rate applied. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding how Hastings' property tax rates align with broader trends. This variability in tax bills can significantly impact homeowners' annual budgets and financial planning.
Average Hastings Tax Bill
$456
Average Stephens County Tax Bill
$664
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Hastings, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73548 | $118 | $205 | $456 | $776 | $1,117 |
Source: Ownwell