Wann, Washington County, Oklahoma Property Taxes
The median property tax rate in WANN, OK is 0.87%, 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 WANN at $114,770, the typical annual property tax bill is $923, significantly below the national median of $2,690. Property taxes in WANN 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 WANN'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 WANN 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
Wann, Washington County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$998
$927
Ownwell's WANN Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in WANN with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in WANN 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 Wann, Washington County, Oklahoma
Property taxes in Wann, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wann is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Wann set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wann 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 Wann's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the zip code 74083 has the highest median property tax rate of 0.87%, while the same zip code also has the lowest median tax rate of 0.87%. Understanding how these areas compare with Wann 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 Wann Tax Rate
0.87%
Average Washington County Tax Rate
1.17%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wann, Washington County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74083 | 0.46% | 0.66% | 0.87% | 1.02% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Wann, Washington County, Oklahoma
In Wann, 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 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 Wann, 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. The median home price in Wann is $114,770, with tax bills ranging from $462 at the 25th percentile to $2,248 at the 90th percentile. The zip code with the highest and lowest median tax bill is 74083, with a median tax bill of $923. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Wann, Washington County, Oklahoma
Source: Ownwell
$42,980
$108,015
$173,050
Average Wann Assessed Value
$114,770
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 Wann, Washington County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74083 | $40,495 | $72,325 | $114,770 | $170,160 | $261,432 |
Source: Ownwell
Property Tax Bills Across Wann, Washington County, Oklahoma
In WANN, Washington County, OK, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $114,770, homeowners can expect a tax bill ranging from $462 at the 25th percentile to $2,248 at the 90th percentile. Various factors influence the tax bill, including property size, location, and any applicable exemptions, which can significantly reduce the amount owed. Compared to the national median property tax rate of 0.99%, WANN's tax rates may offer some homeowners relief, particularly those eligible for exemptions. Understanding these factors helps homeowners anticipate their tax obligations and budget accordingly, potentially leading to significant savings over time.
Average Wann Tax Bill
$923
Average Washington County Tax Bill
$1,167
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Wann, Washington County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74083 | $298 | $462 | $923 | $1,528 | $2,248 |
Source: Ownwell