Nowata, Nowata County, Oklahoma Property Taxes
The median property tax rate in Nowata, OK is 0.82%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value in Nowata of $70,212, the typical annual property tax bill comes to $541, significantly below the national median of $2,690. Property taxes in Nowata are calculated based on the tax assessed value, which is often less than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Nowata'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 Nowata 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
Nowata, Nowata County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$576
$534
Ownwell’s Nowata Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Nowata with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Nowata 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 Nowata, Nowata County, Oklahoma
Property taxes in Nowata, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Nowata is 0.82%, which is below the U.S. national median of 0.99%. Local government entities within Nowata set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nowata 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. For comparison, the highest and lowest median property tax rates within Nowata are both 0.82%, found in the 74048 zip code. Understanding how these figures compare with the national median provides valuable insights into the varying tax landscape across Nowata County, helping homeowners gain a clearer picture of their property tax obligations relative to other areas.
Average Nowata Tax Rate
0.82%
Average Nowata County Tax Rate
0.83%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nowata, Nowata County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74048 | 0.35% | 0.56% | 0.82% | 1.09% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Nowata, Nowata County, Oklahoma
In Nowata, 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 local assessment authorities 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 Nowata, 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 Nowata helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median tax bill in the area can vary significantly, with the highest and lowest median tax bills both being $541.00 in the 74048 zip code.
Property Tax Assessment Values Across Nowata, Nowata County, Oklahoma
Source: Ownwell
$47,188
$97,325
$147,462
Average Nowata Assessed Value
$70,212
Average Nowata County Assessed Value
$71,248
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Nowata, Nowata County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74048 | $22,539 | $40,454 | $70,212 | $133,386 | $225,348 |
Source: Ownwell
Property Tax Bills Across Nowata, Nowata County, Oklahoma
In Nowata, OK, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. This assessed value is a percentage of the property's market value. Various factors such as property size, location, and improvements influence this valuation. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For homeowners in Nowata, the median home price is $70,212, and property tax bills can vary significantly. The 25th percentile tax bill is around $276, while the 75th percentile reaches $1,044, and the 90th percentile can be as high as $1,967. The highest median tax bill in the area is $541, which is relatively modest compared to the national median property tax rate of 0.99%. These property taxes fund essential local services such as public schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Nowata Tax Bill
$541
Average Nowata County Tax Bill
$541
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Nowata, Nowata County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74048 | $129 | $276 | $541 | $1,044 | $1,967 |
Source: Ownwell