Sweetwater, Oklahoma Property Taxes
The median property tax rate in Sweetwater, OK is 0.72%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $112,885 in Sweetwater, the typical annual property tax bill amounts to $784, significantly less than the national median of $2,690. Property taxes in Sweetwater are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Sweetwater'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 Sweetwater 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
Sweetwater, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$813
Ownwell’s Sweetwater Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Sweetwater with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sweetwater to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities, providing clarity and foresight for your financial planning. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Sweetwater, Oklahoma
Property taxes in Sweetwater, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sweetwater is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Sweetwater set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sweetwater 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 Sweetwater's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73666 zip code has the highest median property tax rate of 0.72%, while the same zip code also has the lowest median tax rate of 0.72%. Understanding how these cities compare with Sweetwater provides valuable insights into the varying tax landscape across Roger Mills County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sweetwater Tax Rate
0.72%
Average Roger Mills County Tax Rate
0.65%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sweetwater, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73666 | 0.46% | 0.56% | 0.72% | 0.84% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Sweetwater, Oklahoma
In Sweetwater, 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 Roger Mills County Appraisal District 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 Sweetwater, 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 Sweetwater helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 73666 has the highest and lowest median tax bill of $784 annually.
Average Sweetwater Assessed Value
$112,885
Average Roger Mills County Assessed Value
$80,498
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sweetwater, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73666 | $35,821 | $61,494 | $112,885 | $188,111 | $253,393 |
Source: Ownwell
Property Tax Bills Across Sweetwater, Oklahoma
In Sweetwater, Roger Mills County, OK, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Sweetwater is $112,885. Property taxes are influenced by local tax rates and the assessed value of the property. For instance, a home assessed at the median value might see a tax bill around $784 annually, which is relatively modest compared to the national median property tax rate of 0.99%. Homeowners in Sweetwater can expect varying tax bills depending on their property's value. At the 25th percentile, tax bills are approximately $367, while those at the 75th percentile can be around $1,297. The 90th percentile sees tax bills as high as $1,999. These variations underscore the importance of understanding local property assessments and tax rates. For homeowners, these taxes fund essential services such as schools, public safety, and infrastructure, directly impacting community quality and property values.
Average Sweetwater Tax Bill
$784
Average Roger Mills County Tax Bill
$507
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Sweetwater, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73666 | $232 | $367 | $784 | $1,297 | $1,999 |
Source: Ownwell