Dewey, Washington County, Oklahoma Property Taxes
The median property tax rate in Dewey, OK is 0.98%, slightly lower than the national median of 0.99% but higher than the Oklahoma state median of 0.97%. With the median home value in Dewey at $79,030, the typical annual property tax bill amounts to $696, which is significantly below the national median of $2,690. Property taxes in Dewey are determined based on the tax assessed value, often less than the market value due to exemptions such as those for primary residences and agricultural properties. By understanding Dewey's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve notable annual savings. Whether you're located in the heart of Dewey or elsewhere in Washington County, a thorough grasp of the local property tax intricacies will prove beneficial.
Last Updated June 14, 2024
Dewey, Washington County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$774
$719
Ownwell’s Dewey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dewey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dewey 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 Dewey, Washington County, Oklahoma
Property taxes in Dewey, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dewey is 0.98%, slightly below the U.S. national median of 0.99%. Local government entities within Dewey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dewey 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 Dewey's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the 74029 zip code has the highest median property tax rate of 0.98%, while the same zip code also has the lowest median tax rate of 0.98%. Understanding how these areas compare with Dewey provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dewey Tax Rate
0.98%
Average Washington County Tax Rate
1.17%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dewey, Washington County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74029 | 0.43% | 0.68% | 0.98% | 1.11% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Dewey, Washington County, Oklahoma
In Dewey, 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 Washington 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 Dewey, 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 Dewey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Dewey is $79,030, with the highest median tax bill recorded at $696 in the 74029 zip code.
Property Tax Assessment Values Across Dewey, Washington County, Oklahoma
Source: Ownwell
$42,980
$108,015
$173,050
Average Dewey Assessed Value
$79,030
Average Washington County Assessed Value
$108,690
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dewey, Washington County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74029 | $31,190 | $49,480 | $79,030 | $132,780 | $204,100 |
Source: Ownwell
Property Tax Bills Across Dewey, Washington County, Oklahoma
In Dewey, Washington County, OK, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The median home price in Dewey is $79,030. Local tax assessors determine the assessed value, which is then multiplied by the local property tax rate to calculate the tax bill. For instance, if your home falls within the 25th percentile, you might expect a tax bill around $345, whereas homes in the 75th percentile could see bills as high as $1,256. For those in the 90th percentile, the tax bill can reach up to $2,018. The highest and lowest median tax bills in Dewey are both $696, as seen in ZIP code 74029. Compared to the national median property tax rate of 0.99%, Dewey's tax rates can significantly impact homeowners, especially those with higher-valued properties. Understanding these factors is crucial for homeowners to manage their finances and anticipate annual property tax obligations.
Average Dewey Tax Bill
$696
Average Washington County Tax Bill
$1,167
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Dewey, Washington County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74029 | $193 | $345 | $696 | $1,256 | $2,018 |
Source: Ownwell