Atwood, Oklahoma Property Taxes
The median property tax rate in Atwood, OK is 0.91%, slightly below both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Atwood at $61,410, the typical annual property tax bill is $534, which is significantly lower than the national median of $2,690. Property taxes in Atwood 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 Atwood'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 Atwood or another part of Hughes County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Atwood, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$559
Ownwell’s Atwood Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Atwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Atwood to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in more granular details, you can explore trends on a neighborhood level by scrolling down. Your property’s assessed value is determined by the county for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Atwood, Oklahoma
Property taxes in Atwood, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Atwood is 0.91%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Atwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Atwood 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 Atwood's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the zip code 74827 has both the highest and lowest median property tax rate of 0.91%. Understanding how these areas compare with Atwood provides valuable insights into the varying tax landscape across Hughes County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Atwood Tax Rate
0.91%
Average Hughes County Tax Rate
0.85%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Atwood, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74827 | 0.49% | 0.80% | 0.91% | 0.99% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Atwood, Oklahoma
In Atwood, 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 Hughes 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 Atwood, 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 Atwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 74827, with a median tax bill of $534.00.
Average Atwood Assessed Value
$61,410
Average Hughes County Assessed Value
$41,920
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Atwood, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74827 | $20,782 | $35,894 | $61,410 | $97,122 | $146,746 |
Source: Ownwell
Property Tax Bills Across Atwood, Oklahoma
In Atwood, located in Hughes County, OK, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the market value, which is determined by the local tax assessor. Homeowners in Atwood experience property tax bills that can vary significantly. For instance, the tax bill at the 25th percentile is $284, while at the 75th percentile, it rises to $907. At the 90th percentile, homeowners might pay as much as $1,445. Comparatively, the median property tax rate in Atwood is lower than the national median of 0.99%. With a median home price of $61,410, local tax bills are relatively modest. These variations in tax bills affect homeowners differently, depending on the assessed value of their property. While some may find their tax obligations manageable, others with higher assessed values could experience a more significant financial impact. Understanding these factors is crucial for homeowners to anticipate their annual property tax expenses effectively.
Average Atwood Tax Bill
$534
Average Hughes County Tax Bill
$328
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Atwood, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74827 | $136 | $284 | $534 | $907 | $1,445 |
Source: Ownwell