Elk City, Washita County, Oklahoma Property Taxes
The median property tax rate in Elk City, OK is 0.74%, lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Elk City at $186,838, the typical annual property tax bill is $1,335, which is below the national median of $2,690. Property taxes in Elk City are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Elk City'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 Elk City 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
Elk City, Washita County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$1,383
$1,283
Ownwell’s Elk City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elk City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elk City 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 Elk City, Washita County, Oklahoma
Property taxes in Elk City, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elk City is 0.74%, lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Elk City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elk City 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 Elk City's effective property tax rate to other regions in Oklahoma and the national median. For comparison, the zip code 73644 has both the highest and lowest median property tax rate of 0.76%. Understanding how these areas compare with Elk City 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 Elk City Tax Rate
0.74%
Average Washita County Tax Rate
0.77%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elk City, Washita County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73644 | 0.59% | 0.71% | 0.76% | 0.87% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Elk City, Washita County, Oklahoma
In Elk City, 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 Washita 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 Elk City, 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 Elk City 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 $895, specifically in the 73644 zip code.
Property Tax Assessment Values Across Elk City, Washita County, Oklahoma
Source: Ownwell
$36,170
$120,048
$203,926
Average Elk City Assessed Value
$186,838
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 Elk City, Washita County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73644 | $89,249 | $94,106 | $203,926 | $411,770 | $445,391 |
Source: Ownwell
Property Tax Bills Across Elk City, Washita County, Oklahoma
Property tax bills in Elk City, Washita County, OK, are determined 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 calculate the annual tax bill. The median home price in Elk City is $186,838, and the median property tax bill is $895, reflecting the relatively low property tax rates in the area compared to the national median property tax rate of 0.99%. Various factors influence the tax bill, including property size, location, and any applicable exemptions or deductions. Homeowners in the 25th percentile can expect to pay around $743 annually, while those in the 75th percentile may pay up to $2,345. At the higher end, the 90th percentile sees tax bills reaching approximately $3,380. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Elk City Tax Bill
$1,335
Average Washita County Tax Bill
$399
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Elk City, Washita County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73644 | $625 | $687 | $895 | $3,394 | $3,873 |
Source: Ownwell