Nowata, Oklahoma Property Taxes
The median property tax rate in Nowata, Oklahoma is 1.11%, slightly higher than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Nowata at $83,970, the typical annual property tax bill amounts to $748, which is significantly lower than the national median of $2,690. Property taxes in Nowata are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Nowata'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 Nowata or another part of Washington County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Nowata, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$932
Ownwell’s Nowata Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Nowata with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Nowata 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 Nowata, Oklahoma
Property taxes in Nowata, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Nowata is 0.69%, which is lower than both the Oklahoma state median of 0.87% and the U.S. national median of 0.99%. Local government entities within Nowata set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nowata 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 Nowata's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the highest median property tax rate in Oklahoma is 1.18%, found in Oklahoma County, while the lowest median tax rate is 0.47%, found in Adair County. Understanding how these cities compare with Nowata provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Nowata Tax Rate
1.11%
Average Washington County Tax Rate
1.17%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nowata, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74048 | 0.95% | 0.97% | 1.11% | 1.16% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Nowata, Oklahoma
In Nowata, 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 Washington 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 Nowata, 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 Nowata helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the median home price in Nowata is $83,970, with tax bills ranging from $610 at the 25th percentile to $2,583 at the 90th percentile. The zip code 74048 has both the highest and lowest median tax bill of $748.
Average Nowata Assessed Value
$83,970
Average Washington County Assessed Value
$108,690
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Nowata, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74048 | $53,073 | $63,716 | $83,970 | $171,642 | $211,397 |
Source: Ownwell
Property Tax Bills Across Nowata, Oklahoma
In Nowata, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Nowata is $83,970, and the property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Nowata can expect tax bills that vary significantly, with the 25th percentile tax bill at $610 and the 75th percentile reaching $2,080. The 90th percentile tax bill is even higher at $2,583. Compared to the national median property tax rate of 0.99%, Nowata's property taxes are relatively modest. However, these taxes still play a crucial role in funding local services such as schools, infrastructure, and public safety. Understanding how these factors affect your tax bill can help homeowners budget more effectively and potentially seek exemptions or appeals to reduce their financial burden.
Average Nowata Tax Bill
$748
Average Washington County Tax Bill
$1,167
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Nowata, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74048 | $496 | $610 | $748 | $2,080 | $2,583 |
Source: Ownwell