Waynoka, Oklahoma Property Taxes
The median property tax rate in Waynoka, OK is 0.77%, 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 Waynoka at $120,072, the typical annual property tax bill comes to $872, significantly below the national median of $2,690. Property taxes in Waynoka 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. Understanding Waynoka'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 Waynoka or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Waynoka, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$925
Ownwell’s Waynoka Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waynoka with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waynoka 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 Waynoka, Oklahoma
Property taxes in Waynoka, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waynoka is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Waynoka set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waynoka 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 Waynoka's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73860 has the same median property tax rate of 0.77%. Understanding how these areas compare with Waynoka provides valuable insights into the varying tax landscape across Major County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waynoka Tax Rate
0.77%
Average Major County Tax Rate
0.83%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waynoka, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73860 | 0.55% | 0.60% | 0.77% | 0.86% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Waynoka, Oklahoma
In Waynoka, 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 Major 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 Waynoka, 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 Waynoka helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 73860 has the highest and lowest median tax bill, both at $872.
Average Waynoka Assessed Value
$120,072
Average Major County Assessed Value
$92,366
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waynoka, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73860 | $49,581 | $81,665 | $120,072 | $179,632 | $208,228 |
Source: Ownwell
Property Tax Bills Across Waynoka, Oklahoma
In Waynoka, located in Major County, OK, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Homeowners in Waynoka can expect their property tax bills to vary significantly, with the 25th percentile tax bill around $629 and the 75th percentile reaching up to $1,297. At the 90th percentile, the tax bill can go as high as $1,640. Several factors influence these tax bills, including the market value of the property, local tax rates, and any applicable exemptions or deductions. For instance, the median home price in Waynoka is $120,072, which serves as a benchmark for calculating the assessed value. In comparison to the national median property tax rate of 0.99%, Waynoka's property tax rates offer a relatively affordable option for homeowners. Understanding these factors can help homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Waynoka Tax Bill
$872
Average Major County Tax Bill
$720
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Waynoka, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73860 | $300 | $629 | $872 | $1,297 | $1,640 |
Source: Ownwell