Dacoma, Woods County, Oklahoma Property Taxes
The median property tax rate in Dacoma, OK is 0.47%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Dacoma at $96,737, the typical annual property tax bill amounts to $469, well below the national median of $2,690. Property taxes in Dacoma are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Dacoma'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 Dacoma 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
Dacoma, Woods County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$455
$422
Ownwell’s Dacoma Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dacoma with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dacoma 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 Dacoma, Woods County, Oklahoma
Property taxes in Dacoma, Oklahoma, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Dacoma stands at 0.47%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Dacoma set these rates annually, and they can vary across different neighborhoods. Each year, Dacoma 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 Dacoma's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73731 has both the highest and the lowest median property tax rate of 0.47%. Understanding how these areas compare with Dacoma 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 Dacoma Tax Rate
0.47%
Average Woods County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dacoma, Woods County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73731 | 0.23% | 0.36% | 0.47% | 0.56% | 0.66% |
Source: Ownwell
Property Tax Assessment Values Across Dacoma, Woods County, Oklahoma
In Dacoma, 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 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 Dacoma, 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 Dacoma helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Dacoma is $96,737, with tax bills ranging from $273 at the 25th percentile to $1,064 at the 90th percentile. The zip code 73731 has both the highest and lowest median tax bill, standing at $469.
Property Tax Assessment Values Across Dacoma, Woods County, Oklahoma
Source: Ownwell
$54,915
$119,683
$184,451
Average Dacoma Assessed Value
$96,737
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 Dacoma, Woods County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73731 | $50,326 | $64,416 | $96,737 | $144,233 | $244,131 |
Source: Ownwell
Property Tax Bills Across Dacoma, Woods County, Oklahoma
In Dacoma, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Dacoma is $96,737, and the property tax rate is applied to this assessed value to determine the tax bill. Various factors, such as property location, improvements, and local tax rates, influence the assessed value. Homeowners in Dacoma can expect their property tax bills to vary significantly, with the 25th percentile tax bill at $273 and the 75th percentile tax bill at $685. At the higher end, the 90th percentile tax bill reaches $1,064. Compared to the national median property tax rate of 0.99%, Dacoma's property tax rates offer some relief to homeowners. However, the impact on individual homeowners can vary depending on the specific assessed value of their property and any applicable exemptions or deductions. Understanding these factors can help homeowners better anticipate their annual property tax obligations and manage their finances accordingly.
Average Dacoma Tax Bill
$469
Average Woods County Tax Bill
$565
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Dacoma, Woods County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73731 | $186 | $273 | $469 | $685 | $1,064 |
Source: Ownwell