Wellston, Oklahoma Property Taxes
The median property tax rate in Wellston, OK is 0.90%, slightly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Wellston at $106,960, the typical annual property tax bill reaches $874, which is significantly less than the national median of $2,690. Property taxes in Wellston are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. By understanding Wellston's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve substantial annual savings. Whether you're in the heart of Wellston or elsewhere in Logan County, gaining insight into the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Wellston, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$963
Ownwell’s Wellston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wellston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wellston 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 Wellston, Oklahoma
Property taxes in Wellston, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wellston is 0.90%, which is slightly below the U.S. national median of 0.99%. Local government entities within Wellston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wellston 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 Wellston's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74881 zip code has both the highest and lowest median property tax rate of 0.90%. Understanding how these cities compare with Wellston provides valuable insights into the varying tax landscape across Logan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wellston Tax Rate
0.90%
Average Logan County Tax Rate
0.98%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wellston, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74881 | 0.31% | 0.68% | 0.90% | 0.96% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Wellston, Oklahoma
In Wellston, 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 Logan 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 Wellston, 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. For instance, the median home price in Wellston is $106,960, with property tax bills ranging from $415 at the 25th percentile to $2,198 at the 90th percentile. The zip code 74881 has the highest median tax bill at $874. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wellston Assessed Value
$106,960
Average Logan County Assessed Value
$165,842
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wellston, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74881 | $22,929 | $67,470 | $106,960 | $156,907 | $221,518 |
Source: Ownwell
Property Tax Bills Across Wellston, Oklahoma
In Wellston, Logan County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the property's location, size, and condition, as well as recent sales of comparable properties in the area. Homeowners in Wellston experience a range of property tax bills. For instance, the 25th percentile tax bill is around $415, while the 75th percentile tax bill reaches $1,304. The 90th percentile tax bill can be as high as $2,198. These figures illustrate the variability in property tax burdens, which can impact a homeowner's financial planning and overall cost of living. Comparatively, the median property tax rate in Wellston aligns closely with the national median rate of 0.99%, providing a benchmark for understanding local tax obligations. This system ensures that property taxes are proportionate to property values, helping to fund essential community services.
Average Wellston Tax Bill
$874
Average Logan County Tax Bill
$1,451
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Wellston, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74881 | $165 | $415 | $874 | $1,304 | $2,198 |
Source: Ownwell