Fort Supply, Oklahoma Property Taxes
The median property tax rate in Fort Supply, Oklahoma is 0.60%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Fort Supply, the typical annual property tax bill amounts to $282, well below the national median of $2,690. Property taxes in Fort Supply are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Fort Supply'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 Fort Supply 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
Fort Supply, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$304
Ownwell’s Fort Supply Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fort Supply with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fort Supply 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 Fort Supply, Oklahoma
Property taxes in Fort Supply, Oklahoma, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Fort Supply is 0.60%, which is notably lower than the U.S. national median of 0.99%. Local government entities within Fort Supply set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fort Supply 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 Fort Supply's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the zip code 73841 has both the highest and lowest median property tax rate of 0.60%. Understanding how these areas compare with Fort Supply provides valuable insights into the varying tax landscape across Woodward County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fort Supply Tax Rate
0.60%
Average Woodward County Tax Rate
0.75%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fort Supply, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73841 | 0.26% | 0.38% | 0.60% | 0.81% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Fort Supply, Oklahoma
In Fort Supply, 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 Woodward 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 Fort Supply, 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. The median home price in Fort Supply is $50,630, with tax bills ranging from $162 at the 25th percentile to $756 at the 90th percentile. The zip code 73841 has both the highest and lowest median tax bills at $282. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fort Supply Assessed Value
$50,630
Average Woodward County Assessed Value
$96,888
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fort Supply, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73841 | $21,965 | $32,930 | $50,630 | $86,331 | $128,037 |
Source: Ownwell
Property Tax Bills Across Fort Supply, Oklahoma
In Fort Supply, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The median home price in Fort Supply is $50,630. Property taxes are calculated by multiplying the assessed value by the local tax rate. The national median property tax rate is 0.99%, but local rates can vary. For homeowners in Fort Supply, the tax bill can range significantly. For instance, the 25th percentile tax bill is $162, while the 75th percentile tax bill is $520, and the 90th percentile tax bill can go up to $756. This variation is influenced by factors such as the specific assessed value of the property and any applicable exemptions or deductions. High property taxes can impact homeowners by increasing monthly housing costs, while lower taxes can make homeownership more affordable. Understanding these factors helps homeowners anticipate their annual tax obligations and budget accordingly.
Average Fort Supply Tax Bill
$282
Average Woodward County Tax Bill
$683
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Fort Supply, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73841 | $96 | $162 | $282 | $520 | $756 |
Source: Ownwell