Arnett, Oklahoma Property Taxes
The median property tax rate in Arnett, OK is 0.45%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Arnett, the typical annual property tax bill is $479, which is well below the national median of $2,690. Property taxes in Arnett 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 Arnett'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 Arnett or another part of Woodward County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Arnett, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$497
Ownwell’s Arnett Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Arnett with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Arnett 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 Arnett, Oklahoma
Property taxes in Arnett, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Arnett is 0.45%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Arnett set these rates annually, and they can vary across different neighborhoods. Each year, Arnett 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 Arnett's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73832 has both the highest and lowest median property tax rate of 0.45%. Understanding how these cities compare with Arnett provides valuable insights into the varying tax landscape across Woodward County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Arnett Tax Rate
0.45%
Average Woodward County Tax Rate
0.75%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Arnett, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73832 | 0.33% | 0.36% | 0.45% | 0.56% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Arnett, Oklahoma
In Arnett, 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 Woodward 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 Arnett, 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 Arnett helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 73832 has both the highest and lowest median tax bill at $479. This information helps property owners in Arnett to understand their potential tax liabilities and explore ways to reduce their tax burden.
Average Arnett Assessed Value
$110,435
Average Woodward County Assessed Value
$96,888
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Arnett, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73832 | $73,171 | $95,597 | $110,435 | $149,454 | $305,503 |
Source: Ownwell
Property Tax Bills Across Arnett, Oklahoma
In Arnett, located in Woodward County, OK, 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 Arnett is $110,435, and tax rates are applied to this assessed value to determine the annual tax bill. Factors that influence the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. For homeowners in Arnett, the property tax bill can significantly vary. The tax bill at the 25th percentile is $372, while at the 75th percentile, it rises to $828. The 90th percentile tax bill reaches $1,646, indicating a broad range of possible tax obligations depending on the property's assessed value and specific circumstances. Compared to the national median property tax rate of 0.99%, Arnett's property tax bills reflect the local economic conditions and property values. Homeowners need to stay informed about these factors as they directly impact their annual financial planning and overall cost of homeownership.
Average Arnett Tax Bill
$479
Average Woodward County Tax Bill
$683
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Arnett, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73832 | $290 | $372 | $479 | $828 | $1,646 |
Source: Ownwell