Hastings, Cotton County, Oklahoma Property Taxes
The median property tax rate in Hastings, OK is 1.00%, slightly above 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 amounts to $967, which is below the national median of $2,690. Property taxes in Hastings are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like 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, Cotton County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$1,057
$981
Ownwell’s Hastings Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Hastings with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Hastings to provide an estimated property tax bill. This valuable tool helps you grasp potential tax obligations. For those interested in understanding trends at a neighborhood level, more localized information is available below. Your property’s assessed value is the value determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Hastings, Cotton County, 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 1.00%, which is higher than 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 areas in Oklahoma and the national median. For comparison, the zip code 73548 has the highest median property tax rate of 1.00%, while the same zip code also has the lowest median tax rate of 1.00%. Understanding how these areas compare with Hastings provides valuable insights into the varying tax landscape across Cotton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hastings Tax Rate
1.00%
Average Cotton County Tax Rate
0.94%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hastings, Cotton County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73548 | 0.71% | 0.94% | 1.00% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Hastings, Cotton County, Oklahoma
In Hastings, 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 Cotton 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. Assessment notices in Hastings 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 zip code 73548 has the highest median tax bill at $967, while the lowest median tax bill is also $967, indicating a uniformity in tax bills across the area.
Property Tax Assessment Values Across Hastings, Cotton County, Oklahoma
Source: Ownwell
$32,614
$88,579
$144,544
Average Hastings Assessed Value
$105,690
Average Cotton County Assessed Value
$65,187
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hastings, Cotton County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73548 | $41,770 | $78,902 | $105,690 | $162,527 | $247,078 |
Source: Ownwell
Property Tax Bills Across Hastings, Cotton County, Oklahoma
In Hastings, property tax bills are determined based on the assessed value of a home, which is influenced by several factors including the market value of the property and local tax rates. The median home price in Hastings is $105,690, and property taxes are calculated by applying the local tax rate to this assessed value. For homeowners, the tax bill can vary significantly; for instance, the 25th percentile tax bill is $689, while the 75th percentile reaches $1,595, and the 90th percentile goes up to $2,498. These variations reflect differences in property values and specific exemptions or deductions homeowners might qualify for. Compared to the national median property tax rate of 0.99%, Hastings offers a competitive rate that can make homeownership more affordable. This system ensures that property taxes are proportionate to property values, providing a fair distribution of the tax burden among residents.
Average Hastings Tax Bill
$967
Average Cotton County Tax Bill
$542
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Hastings, Cotton County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73548 | $365 | $689 | $967 | $1,595 | $2,498 |
Source: Ownwell