Newalla, Oklahoma Property Taxes
The median property tax rate in Newalla, OK is 0.87%, which is notably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $23,618 in Newalla, the typical annual property tax bill amounts to just $214, significantly less than the national median of $2,690. Property taxes in Newalla are calculated based on the tax assessed value, typically lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Newalla'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 Newalla or another part of McIntosh County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Newalla, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$205
Ownwell’s Newalla Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newalla with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newalla 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 Newalla, Oklahoma
Property taxes in Newalla, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newalla is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Newalla set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newalla 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 Newalla's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74857 in Newalla has a median property tax rate of 0.87%, which is consistent across the area. Understanding how these figures compare with Newalla provides valuable insights into the varying tax landscape across McIntosh County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newalla Tax Rate
0.87%
Average Mcintosh County Tax Rate
0.79%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newalla, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74857 | 0.68% | 0.78% | 0.87% | 0.91% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Newalla, Oklahoma
In Newalla, 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 McIntosh 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 Newalla, 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. The median home price in Newalla is $23,618, with tax bills ranging from $174 at the 25th percentile to $736 at the 90th percentile. The highest and lowest median tax bill in the area is $214, found in the 74857 zip code. 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 Newalla helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Newalla Assessed Value
$23,618
Average Mcintosh County Assessed Value
$81,769
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newalla, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74857 | $18,547 | $20,474 | $23,618 | $47,803 | $87,600 |
Source: Ownwell
Property Tax Bills Across Newalla, Oklahoma
In Newalla, located in McIntosh County, OK, property tax bills are calculated based on the assessed value of a property, which is typically a fraction of its market value. The tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition. For homeowners in Newalla, the median home price stands at $23,618, with property tax bills varying significantly. The 25th percentile tax bill is $174, while the 75th percentile reaches $412. At the 90th percentile, homeowners might see a tax bill of $736. These values are notably lower compared to the national median property tax rate of 0.99%. The property tax bill directly impacts homeowners by contributing to local services such as schools, public safety, and infrastructure. Understanding these factors can help homeowners anticipate their tax obligations and plan their finances accordingly.
Average Newalla Tax Bill
$214
Average Mcintosh County Tax Bill
$586
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Newalla, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74857 | $133 | $174 | $214 | $412 | $736 |
Source: Ownwell