Mutual, Oklahoma Property Taxes
The median property tax rate in Mutual, OK is 0.75%, 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 Mutual at $166,392, the typical annual property tax bill reaches $1,307, significantly below the national median of $2,690. Property taxes in Mutual 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 Mutual'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 Mutual 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
Mutual, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$1,248
Ownwell’s Mutual Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mutual with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mutual 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 Mutual, Oklahoma
Property taxes in Mutual, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mutual is 0.75%, which is lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Mutual set these rates annually, and they can vary across different neighborhoods. Each year, Mutual 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 Mutual's effective property tax rate to other regions in Oklahoma and the national median. For comparison, the zip code 73853 has the highest median property tax rate of 0.75%, which is the same as the lowest median tax rate in the same area. Understanding how these regions compare with Mutual provides valuable insights into the varying tax landscape across Dewey County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mutual Tax Rate
0.75%
Average Dewey County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mutual, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73853 | 0.66% | 0.68% | 0.75% | 0.82% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Mutual, Oklahoma
In Mutual, 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 Dewey 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 Mutual, 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 Mutual is $166,392. The median tax bill in the area varies significantly, with the 25th percentile at $385 and the 75th percentile at $2,196. The highest median tax bill of $1,307 is found in the 73853 zip code, which also has the lowest median tax bill of $1,307. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mutual Assessed Value
$166,392
Average Dewey County Assessed Value
$78,646
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mutual, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73853 | $44,346 | $56,113 | $166,392 | $262,363 | $269,474 |
Source: Ownwell
Property Tax Bills Across Mutual, Oklahoma
In Mutual, located in Dewey County, OK, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, which is then subjected to the local tax rate to calculate the annual tax bill. Factors such as property improvements, neighborhood developments, and market trends can influence the assessed value. Homeowners in Mutual experience a range of property tax bills. For instance, the 25th percentile tax bill is around $385, while the 75th percentile tax bill rises to approximately $2,196. At the 90th percentile, homeowners can expect to pay around $2,239. Comparatively, the national median property tax rate is 0.99%, placing Mutual's tax rates within a competitive range. The highest and lowest median tax bills in Mutual both stand at $1,307 in the zip code 73853, reflecting some consistency in tax assessments. These property taxes fund essential services like public schools, infrastructure, and emergency services, directly impacting the community's quality of life.
Average Mutual Tax Bill
$1,307
Average Dewey County Tax Bill
$505
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Mutual, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73853 | $298 | $385 | $1,307 | $2,196 | $2,239 |
Source: Ownwell