Wilson, Oklahoma Property Taxes
The median property tax rate in Wilson, OK is 0.78%, notably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Wilson, the typical annual property tax bill is $584, significantly below the national median of $2,690. Property taxes in Wilson are calculated based on the tax assessed value, which is often less than the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Wilson'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 Wilson or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wilson, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$582
Ownwell’s Wilson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wilson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wilson 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 Wilson, Oklahoma
Property taxes in Wilson, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wilson is 0.78%, lower than the U.S. national median of 0.99%. Local government entities within Wilson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wilson 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 Wilson's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73463 zip code has both the highest and lowest median property tax rate of 0.78%. Understanding how these cities compare with Wilson provides valuable insights into the varying tax landscape across Love County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wilson Tax Rate
0.78%
Average Love County Tax Rate
0.93%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wilson, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73463 | 0.35% | 0.59% | 0.78% | 0.86% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Wilson, Oklahoma
In Wilson, 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 Love 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 Wilson, 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 Wilson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $584 in the 73463 zip code, while the lowest is also $584 in the same zip code.
Average Wilson Assessed Value
$74,672
Average Love County Assessed Value
$84,103
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wilson, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73463 | $28,413 | $45,054 | $74,672 | $140,485 | $252,254 |
Source: Ownwell
Property Tax Bills Across Wilson, Oklahoma
In Wilson, property tax bills are calculated based on the assessed value of a home, which is determined by the Love County assessor's office. The assessed value is a percentage of the property's market value. Homeowners in Wilson can expect their property tax bills to vary significantly. For instance, the 25th percentile of tax bills is around $300, while the 75th percentile reaches up to $1,221. The highest median tax bill in the area is $584, with the same value representing the lowest median tax bill. Several factors influence a homeowner's tax bill, including the property's assessed value, applicable exemptions, and the local tax rate. Compared to the national median property tax rate of 0.99%, Wilson's rates can be relatively lower, offering some relief to homeowners. However, the variability in tax bills means that some homeowners may face higher costs, especially those with properties assessed at higher values. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Wilson Tax Bill
$584
Average Love County Tax Bill
$778
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Wilson, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73463 | $124 | $300 | $584 | $1,221 | $2,215 |
Source: Ownwell