Freedom, Oklahoma Property Taxes
The median property tax rate in Freedom, OK is 0.46%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $84,736 in Freedom, the typical annual property tax bill is around $389, well below the national median of $2,690. Property taxes in Freedom are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Freedom's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Freedom or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Freedom, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.46%
Estimate Property Tax Bill
$390
Ownwell’s Freedom Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Freedom with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Freedom 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 Freedom, Oklahoma
Property taxes in Freedom, Oklahoma, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Freedom is 0.46%, significantly lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Freedom set these rates annually, and they can vary across different neighborhoods. Each year, Freedom 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 Freedom's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73842 has the highest median property tax rate of 0.46%, while the same zip code also has the lowest median tax rate of 0.46%. Understanding how these cities compare with Freedom 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 Freedom Tax Rate
0.46%
Average Woods County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Freedom, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73842 | 0.24% | 0.33% | 0.46% | 0.62% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Freedom, Oklahoma
In Freedom, 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 Freedom, 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. For instance, the median home price in Freedom is $84,736, with property tax bills ranging from $221 at the 25th percentile to $1,148 at the 90th percentile. Notably, the highest and lowest median tax bills are both $389 in the 73842 zip code. 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 Freedom helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Freedom Assessed Value
$84,736
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 Freedom, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73842 | $36,860 | $52,162 | $84,736 | $140,347 | $207,917 |
Source: Ownwell
Property Tax Bills Across Freedom, Oklahoma
In Freedom, Oklahoma, 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 Freedom is $84,736. Property taxes are influenced by several factors, including the property's assessed value and the local tax rate set by Woods County. For homeowners, the tax bill can vary significantly. For example, the 25th percentile tax bill is $221, while the 75th percentile tax bill is $661. At the higher end, the 90th percentile tax bill reaches $1,148. These variations in tax bills can affect homeowners differently depending on their property values and the specific tax rates applied. The highest and lowest median tax bills in Freedom are both $389, indicating a relatively uniform tax rate within the zip code 73842. Compared to the national median property tax rate of 0.99%, Freedom's property taxes provide a snapshot of how local factors can impact what homeowners ultimately pay.
Average Freedom Tax Bill
$389
Average Woods County Tax Bill
$565
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Freedom, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73842 | $138 | $221 | $389 | $661 | $1,148 |
Source: Ownwell