Wakita, Oklahoma Property Taxes
The median property tax rate in Wakita, OK is 0.38%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $69,612 in Wakita, the typical annual property tax bill is $217, far below the national median of $2,690. Property taxes in Wakita are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Wakita'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 Wakita or another part of Grant County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wakita, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.38%
Estimate Property Tax Bill
$265
-$2,772
Ownwell’s Wakita Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wakita with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wakita 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 Wakita, Oklahoma
Property taxes in Wakita, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wakita is 0.38%, which is lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Wakita set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wakita 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 Wakita's effective property tax rate to other counties in Oklahoma and the national median. Understanding how these cities compare with Wakita provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wakita Tax Rate
0.38%
Average Grant County Tax Rate
0.60%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wakita, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73771 | 0.20% | 0.28% | 0.38% | 0.59% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Wakita, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wakita, Oklahoma. 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 Grant 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 Wakita, 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 Wakita is $69,612, with annual tax bills ranging from $127 at the 25th percentile to $938 at the 90th percentile. Identifying opportunities for protesting assessments or applying for exemptions can effectively manage the tax burden.
Average Wakita Assessed Value
$69,612
Average Grant County Assessed Value
$83,486
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wakita, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73771 | $23,911 | $40,153 | $69,612 | $101,148 | $143,251 |
Source: Ownwell
Property Tax Bills Across Wakita, Oklahoma
In Wakita, located in Grant County, OK, property tax bills are calculated based on the assessed value of a property. The assessed value is a percentage of the property's market value, determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the property tax bill, including the property's location, size, and any applicable exemptions. For instance, the median home price in Wakita is $69,612. Homeowners in the 25th percentile pay around $127 annually, while those in the 75th percentile face a bill of approximately $435. At the 90th percentile, the tax bill can reach up to $938. Compared to the national median property tax rate of 0.99%, Wakita's rates result in relatively lower tax bills, providing some financial relief to homeowners. However, these taxes still play a crucial role in funding local services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life.
Average Wakita Tax Bill
$217
Average Grant County Tax Bill
$460
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Wakita, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73771 | $77 | $127 | $217 | $435 | $938 |
Source: Ownwell