Lone Wolf, Oklahoma Property Taxes
The median property tax rate in Lone Wolf, OK is 0.86%, 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 Lone Wolf at $57,523, the typical annual property tax bill is $495, significantly below the national median of $2,690. Property taxes in Lone Wolf are calculated based on the assessed value, which is often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Lone Wolf'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 Lone Wolf or another part of the city, understanding the local property tax system benefits both homeowners and real estate investors.
Last Updated June 14, 2024
Lone Wolf, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$495
Ownwell’s Lone Wolf Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lone Wolf with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lone Wolf 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 Lone Wolf, Oklahoma
Property taxes in Lone Wolf, Oklahoma, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lone Wolf is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Lone Wolf set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lone Wolf 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 Lone Wolf's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73655 zip code has the highest median property tax rate of 0.87%, while the same zip code also has the lowest median tax rate of 0.87%. Understanding how these cities compare with Lone Wolf provides valuable insights into the varying tax landscape across Kiowa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lone Wolf Tax Rate
0.86%
Average Greer County Tax Rate
0.93%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lone Wolf, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73655 | 0.86% | 0.86% | 0.86% | 0.86% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Lone Wolf, Oklahoma
In Lone Wolf, 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 Greer County Assessor's Office 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 Lone Wolf, 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 Lone Wolf helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median property tax bill in Lone Wolf is $495, with the highest and lowest median tax bills both found in the 73655 zip code.
Average Lone Wolf Assessed Value
$57,523
Average Greer County Assessed Value
$39,958
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lone Wolf, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73655 | $57,523 | $57,523 | $57,523 | $57,523 | $57,523 |
Source: Ownwell
Property Tax Bills Across Lone Wolf, Oklahoma
In Lone Wolf, located in Greer County, OK, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by the local assessor and is a percentage of the market value. For instance, if the median home price in Lone Wolf is $57,523, the assessed value would be a portion of that amount. The tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and any improvements made to the property can affect the assessed value. In Lone Wolf, the median property tax bill is $495, which is significantly lower than the national median property tax rate of 0.99%. This relatively low tax burden can be beneficial for homeowners, making property ownership more affordable. However, it's important to stay informed about any changes in local tax rates or assessed values that could impact future tax bills.
Average Lone Wolf Tax Bill
$495
Average Greer County Tax Bill
$334
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Lone Wolf, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73655 | $495 | $495 | $495 | $495 | $495 |
Source: Ownwell