Lone Wolf, Oklahoma Property Taxes
The median property tax rate in Lone Wolf, OK is 0.67%, notably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Lone Wolf at $103,505, the typical annual property tax bill amounts to $697, well below the national median of $2,690. Property taxes in Lone Wolf 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 Lone Wolf'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 Lone Wolf 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
Lone Wolf, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.67%
Estimate Property Tax Bill
$693
Ownwell’s Lone Wolf Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Lone Wolf with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lone Wolf to project 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 Washita County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lone Wolf, Oklahoma
Property taxes in Lone Wolf, Oklahoma, are crucial for funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Lone Wolf is 0.67%, which is lower than the U.S. national median of 0.99%. Local government entities within Lone Wolf set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lone Wolf 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 Lone Wolf's effective property tax rate to other counties in Oklahoma and the national median. Understanding how Lone Wolf's tax rates compare with other areas 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 Lone Wolf Tax Rate
0.67%
Average Washita County Tax Rate
0.77%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lone Wolf, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Lone Wolf, Oklahoma
In Lone Wolf, 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 Lone Wolf, 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 Lone Wolf helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lone Wolf is $103,505, with the 25th, 75th, and 90th percentile tax bills all standing at $697.
Average Lone Wolf Assessed Value
$103,505
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 Lone Wolf, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Lone Wolf, Oklahoma
In Lone Wolf, located in Washita County, OK, property tax bills are calculated based on the assessed value of a home. The assessed value is typically a percentage of the property's market value, which in Lone Wolf is influenced by factors such as location, size, and condition of the property. For instance, the median home price in Lone Wolf is $103,505. Once the assessed value is determined, it is multiplied by the local property tax rate to calculate the annual tax bill. In Lone Wolf, the property tax rate is significantly lower than the national median of 0.99%. Homeowners in Lone Wolf can expect a consistent tax bill, as seen by the 25th, 75th, and 90th percentile tax bills all being $697. This relatively low and stable property tax burden can be beneficial for homeowners, providing predictable expenses and making homeownership more affordable compared to other regions with higher tax rates.
Average Lone Wolf Tax Bill
$697
Average Washita County Tax Bill
$399
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Lone Wolf, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell