Wynnewood, Oklahoma Property Taxes
The median property tax rate in Wynnewood, OK is 0.70%, which is significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $108,471 in Wynnewood, the typical annual property tax bill is $659, considerably below the national median of $2,690. Property taxes in Wynnewood 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 Wynnewood'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 Wynnewood 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
Wynnewood, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$759
-$7,957
Ownwell’s Wynnewood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wynnewood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wynnewood 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 Wynnewood, Oklahoma
Property taxes in Wynnewood, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wynnewood is 0.70%, lower than both the Oklahoma state median of 0.87% and the U.S. national median of 0.99%. Local government entities within Wynnewood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wynnewood 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 Wynnewood's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73098 zip code has both the highest and lowest median property tax rate of 0.70%. Understanding how these cities compare with Wynnewood provides valuable insights into the varying tax landscape across Garvin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wynnewood Tax Rate
0.70%
Average Murray County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wynnewood, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73098 | 0.35% | 0.48% | 0.70% | 0.93% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Wynnewood, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wynnewood, Oklahoma. 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 Murray 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 Wynnewood, 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 Wynnewood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Wynnewood is $108,471, with the 25th percentile tax bill at $358 and the 75th percentile tax bill at $1,337. The highest and lowest median tax bill, both $659, are found in the 73098 zip code.
Average Wynnewood Assessed Value
$108,471
Average Murray County Assessed Value
$87,065
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wynnewood, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73098 | $41,048 | $62,935 | $108,471 | $178,372 | $235,779 |
Source: Ownwell
Property Tax Bills Across Wynnewood, Oklahoma
In Wynnewood, located in Murray County, OK, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the market value, and this figure is then multiplied by the local tax rate to determine the annual tax bill. For context, the median home price in Wynnewood is $108,471. Several factors influence the final tax bill, including property location, home size, and any applicable exemptions. In Wynnewood, homeowners can expect tax bills ranging from $358 at the 25th percentile to $1,963 at the 90th percentile. The median property tax bill in the area stands at $659, which is significantly lower than the national median property tax rate of 0.99%. These tax bills impact homeowners by contributing to local services such as schools, emergency services, and infrastructure. Understanding how these taxes are calculated can help homeowners anticipate their annual expenses and plan their budgets accordingly.
Average Wynnewood Tax Bill
$659
Average Murray County Tax Bill
$515
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Wynnewood, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73098 | $235 | $358 | $659 | $1,337 | $1,963 |
Source: Ownwell