Welty, Oklahoma Property Taxes
The median property tax rate in Welty, OK is 0.75%, 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 Welty at $51,950, the typical annual property tax bill amounts to $276, significantly below the national median of $2,690. Property taxes in Welty are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as the primary residence and agricultural exemptions. Understanding Welty'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 Welty or another part of Okfuskee County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Welty, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$390
-$4,083
Ownwell’s Welty Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Welty with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Welty 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 Welty, Oklahoma
Property taxes in Welty, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Welty is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Welty set these rates annually, and they can vary significantly across different neighborhoods. Each year, Welty 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 Welty's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74833 zip code has both the highest and lowest median property tax rate of 0.75%. Understanding how these cities compare with Welty provides valuable insights into the varying tax landscape across Okfuskee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Welty Tax Rate
0.75%
Average Okfuskee County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Welty, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74833 | 0.43% | 0.55% | 0.75% | 0.92% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Welty, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Welty, Oklahoma. The market value represents 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 Okfuskee 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 Welty, 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. For instance, the median home price in Welty is $51,950, with tax bills ranging from $242 at the 25th percentile to $710 at the 90th percentile. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Welty Assessed Value
$51,950
Average Okfuskee County Assessed Value
$65,362
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Welty, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74833 | $31,966 | $42,592 | $51,950 | $66,587 | $86,715 |
Source: Ownwell
Property Tax Bills Across Welty, Oklahoma
In Welty, located in Okfuskee County, OK, property tax bills are determined by the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the market value, which is determined by the county assessor. For instance, with a median home price of $51,950, the tax bill can vary significantly based on the assessed value and applicable exemptions. Several factors influence the final tax bill, including property size, location, and any improvements made to the property. In Welty, the 25th percentile tax bill is around $242, while the 75th percentile reaches approximately $443, and the 90th percentile can go up to $710. These figures highlight how property taxes can vary widely within the same area. For homeowners, understanding how these factors influence their tax bill is crucial. A higher tax bill can affect monthly mortgage payments and overall affordability. Comparing these local rates to the national median property tax rate of 0.99% can provide additional context for homeowners assessing their financial commitments.
Average Welty Tax Bill
$276
Average Okfuskee County Tax Bill
$424
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Welty, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74833 | $216 | $242 | $276 | $443 | $710 |
Source: Ownwell