Goodwell, Oklahoma Property Taxes
The median property tax rate in Goodwell, OK is 0.84%, 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 Goodwell, the typical annual property tax bill reaches $791, significantly below the national median of $2,690. Property taxes in Goodwell 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 Goodwell'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 Goodwell 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
Goodwell, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$883
Ownwell’s Goodwell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Goodwell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Goodwell 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 Goodwell, Oklahoma
Property taxes in Goodwell, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Goodwell is 0.84%, which is lower than the U.S. national median of 0.99%. Local government entities within Goodwell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Goodwell 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 Goodwell's effective property tax rate compares with other regions provides valuable insights into the varying tax landscape across Texas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Goodwell Tax Rate
0.84%
Average Texas County Tax Rate
0.69%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Goodwell, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73939 | 0.38% | 0.60% | 0.84% | 1.28% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across Goodwell, Oklahoma
In Goodwell, 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 Texas 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 Goodwell, 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 Goodwell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 73939 has the highest and lowest median tax bill, both valued at $791.
Average Goodwell Assessed Value
$105,140
Average Texas County Assessed Value
$112,882
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Goodwell, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73939 | $44,401 | $67,858 | $105,140 | $149,009 | $215,354 |
Source: Ownwell
Property Tax Bills Across Goodwell, Oklahoma
In Goodwell, Texas County, OK, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the local assessor's office and reflects a percentage of the property's market value. Once the assessed value is established, the local tax rate is applied to this value to calculate the annual property tax bill. Homeowners in Goodwell experience varying tax bills depending on their property's assessed value. For instance, the tax bill at the 25th percentile is $450, while at the 75th percentile, it rises to $1,397. Those at the 90th percentile see a tax bill of $2,361. Comparatively, the national median property tax rate is 0.99%, which provides a useful benchmark for understanding local tax burdens. These property taxes are essential for funding local services such as schools, public safety, and infrastructure. Consequently, homeowners must stay informed about their property's assessed value and the corresponding tax rate to manage their financial planning effectively.
Average Goodwell Tax Bill
$791
Average Texas County Tax Bill
$698
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Goodwell, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73939 | $271 | $450 | $791 | $1,397 | $2,361 |
Source: Ownwell