Rocky, Oklahoma Property Taxes
The median property tax rate in Rocky, OK is 0.72%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $59,500 in Rocky, the typical annual property tax bill amounts to $389, which is well below the national median of $2,690. Property taxes in Rocky are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Rocky'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 Rocky or another part of Washita County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Rocky, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$428
Ownwell’s Rocky Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rocky with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rocky 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 Rocky, Oklahoma
Property taxes in Rocky, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rocky is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Rocky set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rocky 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 Rocky's effective property tax rate compares to other areas in Washita County and the national median provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rocky Tax Rate
0.72%
Average Washita County Tax Rate
0.77%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rocky, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73661 | 0.30% | 0.57% | 0.72% | 0.77% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Rocky, Oklahoma
In Rocky, 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 local 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 Rocky, 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 Rocky helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Rocky are both $389.00, located in the 73661 zip code.
Average Rocky Assessed Value
$59,500
Average Washita County Assessed Value
$56,348
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rocky, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73661 | $21,129 | $34,532 | $59,500 | $90,664 | $148,337 |
Source: Ownwell
Property Tax Bills Across Rocky, Oklahoma
In Rocky, located in Washita County, Oklahoma, 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 Rocky is $59,500. Property taxes are determined by applying the local tax rate to this assessed value. The national median property tax rate is 0.99%, but local rates can vary. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For instance, tax bills in Rocky range from the 25th percentile at $179 to the 90th percentile at $1,154, with the highest and lowest median tax bills both being $389 in the zip code 73661. These property taxes fund essential community services such as schools, public safety, and infrastructure. For homeowners, understanding how these factors contribute to their tax bill can help in financial planning and potentially identifying opportunities for tax relief.
Average Rocky Tax Bill
$389
Average Washita County Tax Bill
$399
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Rocky, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73661 | $90 | $179 | $389 | $663 | $1,154 |
Source: Ownwell