Colony, Oklahoma Property Taxes
The median property tax rate in COLONY, OK is 0.89%, 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 COLONY at $77,880, the typical annual property tax bill is $674, significantly below the national median of $2,690. Property taxes in COLONY are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding COLONY'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 COLONY 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
Colony, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$693
Ownwell’s Colony Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Colony with just two simple data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Colony to provide an estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities, making financial planning easier. For those interested in seeing trends at a neighborhood level, more 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 Colony, Oklahoma
Property taxes in Colony, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Colony is 0.89%, which is slightly below the U.S. national median of 0.99%. Local government entities within Colony set these rates annually, and they can vary significantly across different neighborhoods. Each year, Colony 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 Colony's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73021 has the highest median property tax rate of 0.89%, while the same zip code also has the lowest median tax rate of 0.89%. Understanding how these areas compare with Colony provides valuable insights into the varying tax landscape across Washita County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Colony Tax Rate
0.89%
Average Washita County Tax Rate
0.77%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colony, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73021 | 0.63% | 0.82% | 0.89% | 0.94% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Colony, Oklahoma
In Colony, 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 local 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 Colony, 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 Colony helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $674.00, found in the 73021 zip code.
Average Colony Assessed Value
$77,880
Average Washita County Assessed Value
$56,348
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Colony, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73021 | $24,091 | $46,005 | $77,880 | $141,247 | $226,896 |
Source: Ownwell
Property Tax Bills Across Colony, Oklahoma
In Colony, Oklahoma, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the property's market value. The median home price in Colony stands at $77,880, and the property tax rate in Washita County is a crucial factor in determining the tax bill. This rate is applied to the assessed value to calculate the annual property tax owed by homeowners. Various factors influence the tax bill, including the home's location, size, and market conditions. For instance, the 25th percentile tax bill in Colony is $423, while the 75th percentile reaches $1,243, indicating a significant range based on property values and assessments. The 90th percentile tax bill can go as high as $2,285, reflecting higher-valued properties. Homeowners in Colony should be aware of these factors as they directly impact their annual financial obligations. Compared to the national median property tax rate of 0.99%, Colony’s rates can vary, affecting overall affordability and cost of living in the region.
Average Colony Tax Bill
$674
Average Washita County Tax Bill
$399
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Colony, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73021 | $209 | $423 | $674 | $1,243 | $2,285 |
Source: Ownwell