Wetumka, Oklahoma Property Taxes
The median property tax rate in Wetumka, OK is 0.56%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Wetumka, the typical annual property tax bill is $459, well below the national median of $2,690. Property taxes in Wetumka are calculated based on the tax assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Wetumka'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 Wetumka or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wetumka, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$503
-$5,272
Ownwell’s Wetumka Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wetumka with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wetumka 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 Wetumka, Oklahoma
Property taxes in Wetumka, Oklahoma, play a crucial role in supporting essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Wetumka is 0.56%, which is lower than the U.S. national median of 0.99%. Local government entities within Wetumka set these rates annually, and they can vary across different neighborhoods. Each year, Wetumka 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 highlights how Wetumka's effective property tax rate compares to other areas within Okfuskee County and the national median. For comparison, the zip code 74883 has the highest median property tax rate of 0.56%, while the same zip code also has the lowest median tax rate of 0.56%. Understanding how these figures compare with Wetumka 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 Wetumka Tax Rate
0.56%
Average Okfuskee County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wetumka, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74883 | 0.32% | 0.44% | 0.56% | 0.66% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Wetumka, Oklahoma
In Wetumka, 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 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 Wetumka, 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 Wetumka helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Wetumka are both $459, within the 74883 zip code.
Average Wetumka Assessed Value
$89,839
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 Wetumka, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74883 | $25,388 | $55,615 | $89,839 | $158,962 | $241,881 |
Source: Ownwell
Property Tax Bills Across Wetumka, Oklahoma
In Wetumka, located in Okfuskee County, OK, property tax bills are calculated based on the assessed value of a home, which is typically a fraction of its market value. The median home price in Wetumka is $89,839. Tax rates in this region are applied to the assessed value to determine the annual tax bill. For homeowners, the tax bill can vary significantly. The 25th percentile tax bill is around $270, while the 75th percentile tax bill reaches $788. At the higher end, the 90th percentile tax bill is approximately $1,450. The highest and lowest median tax bills in Wetumka both stand at $459, indicating a relatively stable tax rate within the same zip code. These property taxes contribute to local services such as schools, infrastructure, and public safety, directly impacting homeowners. Compared to the national median property tax rate of 0.99%, Wetumka's property tax rates offer a more affordable option for residents, making it an attractive place for potential homeowners.
Average Wetumka Tax Bill
$459
Average Okfuskee County Tax Bill
$424
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Wetumka, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74883 | $168 | $270 | $459 | $788 | $1,450 |
Source: Ownwell