Wellston, Oklahoma Property Taxes
The median property tax rate in Wellston, OK is 0.77%, 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 Wellston at $435,285, the typical annual property tax bill reaches $3,347, surpassing the national median of $2,690. Property taxes in Wellston 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 Wellston'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 Wellston 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
Wellston, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$3,352
Ownwell’s Wellston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wellston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wellston 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 Wellston, Oklahoma
Property taxes in Wellston, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wellston is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Wellston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wellston 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 Wellston's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74881 has the highest median property tax rate of 0.77%, while the same zip code also has the lowest median tax rate of 0.77%. Understanding how these cities compare with Wellston provides valuable insights into the varying tax landscape across Oklahoma County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wellston Tax Rate
0.77%
Average Oklahoma County Tax Rate
1.00%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wellston, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74881 | 0.72% | 0.74% | 0.77% | 0.84% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Wellston, Oklahoma
In Wellston, Oklahoma, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. 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 Oklahoma 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 Wellston, 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 Wellston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Wellston is $3,347 in the 74881 zip code, while the lowest median tax bill is also $3,347 in the same zip code.
Average Wellston Assessed Value
$435,285
Average Oklahoma County Assessed Value
$192,500
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wellston, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74881 | $267,579 | $330,469 | $435,285 | $485,142 | $515,057 |
Source: Ownwell
Property Tax Bills Across Wellston, Oklahoma
Property tax bills in Wellston, Oklahoma, are determined based on the assessed value of a property, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For instance, with a median home price of $435,285, homeowners in Wellston can expect their tax bills to vary significantly. The 25th percentile tax bill stands at $2,692, while the 75th percentile reaches $3,575, and the 90th percentile peaks at $3,712. These figures highlight the range in tax burdens that homeowners might face, depending on their property's assessed value and specific circumstances. The property tax rate in Oklahoma can be compared to the national median property tax rate of 0.99%. For homeowners in Wellston, understanding these factors is crucial as they directly impact annual financial planning and the overall cost of homeownership. Accurate assessment and awareness of these property tax details can help homeowners manage their expenses more effectively.
Average Wellston Tax Bill
$3,347
Average Oklahoma County Tax Bill
$1,891
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Wellston, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74881 | $2,299 | $2,692 | $3,347 | $3,575 | $3,712 |
Source: Ownwell