Alva, Woods County, Oklahoma Property Taxes
The median property tax rate in Alva, OK is 0.73%, 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 Alva at $94,463, the typical annual property tax bill amounts to $624, significantly below the national median of $2,690. Property taxes in Alva 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 Alva'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 Alva or another part of Woods County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Alva, Woods County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$690
$640
Ownwell’s Alva Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Alva with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Alva to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is determined by Woods County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Alva, Woods County, Oklahoma
Property taxes in Alva, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Alva is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Alva set these rates annually, and they can vary significantly across different neighborhoods. Each year, Alva 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 Alva's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73717 has the highest median property tax rate of 0.73%, while the same zip code also has the lowest median tax rate of 0.73%. Understanding how these rates compare with Alva provides valuable insights into the varying tax landscape across Woods County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Alva Tax Rate
0.73%
Average Woods County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Alva, Woods County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73717 | 0.35% | 0.52% | 0.73% | 0.84% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Alva, Woods County, Oklahoma
In Alva, 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 Woods County Assessor's Office 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 Alva, 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 Alva helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Alva is $94,463, with the highest and lowest median tax bills both being $624 in the 73717 zip code.
Property Tax Assessment Values Across Alva, Woods County, Oklahoma
Source: Ownwell
$54,915
$119,683
$184,451
Average Alva Assessed Value
$94,463
Average Woods County Assessed Value
$89,049
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Alva, Woods County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73717 | $43,079 | $62,248 | $94,463 | $148,808 | $229,040 |
Source: Ownwell
Property Tax Bills Across Alva, Woods County, Oklahoma
In Alva, located in Woods County, OK, property tax bills are calculated based on the assessed value of your home, which is derived from the market value. The assessed value is a percentage of the market value, and this figure is then multiplied by the local tax rate to determine the tax bill. Factors such as property improvements, neighborhood developments, and market fluctuations can influence the assessed value. For homeowners, this means that changes in the real estate market or property enhancements can lead to adjustments in their tax bills. In Alva, the median home price stands at $94,463. Property tax bills vary widely, with the 25th percentile at $345, the 75th percentile at $1,074, and the 90th percentile reaching up to $1,717. The median tax bill in the area is $624, which is significantly lower than the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their tax obligations and manage their finances more effectively.
Average Alva Tax Bill
$624
Average Woods County Tax Bill
$565
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Alva, Woods County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73717 | $207 | $345 | $624 | $1,074 | $1,717 |
Source: Ownwell