Fargo, Woodward County, Oklahoma Property Taxes
The median property tax rate in Fargo, Oklahoma is 0.53%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $126,133 in Fargo, the typical annual property tax bill amounts to $711, well below the national median of $2,690. Property taxes in Fargo 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 Fargo'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 Fargo 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
Fargo, Woodward County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$669
$620
Ownwell’s Fargo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fargo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fargo 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 Fargo, Woodward County, Oklahoma
Property taxes in Fargo, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fargo is 0.53%, lower than both the Oklahoma state median of 0.74% and the U.S. national median of 0.99%. Local government entities within Fargo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fargo 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 Fargo's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73840 zip code has the highest median property tax rate of 0.53%, while the 73840 zip code also has the lowest median tax rate of 0.53%. Understanding how these cities compare with Fargo 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 Fargo Tax Rate
0.53%
Average Woodward County Tax Rate
0.75%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fargo, Woodward County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73840 | 0.35% | 0.47% | 0.53% | 0.77% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Fargo, Woodward County, Oklahoma
In Fargo, Oklahoma, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 Fargo, 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 Fargo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 73840, standing at $711, which is also the lowest median tax bill in the area.
Property Tax Assessment Values Across Fargo, Woodward County, Oklahoma
Source: Ownwell
$50,630
$98,804
$146,978
Average Fargo Assessed Value
$126,133
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 Fargo, Woodward County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73840 | $69,715 | $100,823 | $126,133 | $179,175 | $213,369 |
Source: Ownwell
Property Tax Bills Across Fargo, Woodward County, Oklahoma
In Fargo, property tax bills are calculated based on the assessed value of your home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine your annual tax bill. For instance, with a median home price of $126,133, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is approximately $546, while at the 75th percentile, it rises to around $1,017. The top 10% of tax bills can reach up to $1,343. Factors that influence your property tax bill include the market value of your home, any applicable exemptions, and the specific tax rate set by local authorities. For comparison, the national median property tax rate is 0.99%, which helps highlight how Fargo's rates align with broader trends. These property taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, ensuring a well-maintained and safe community.
Average Fargo Tax Bill
$711
Average Woodward County Tax Bill
$683
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Fargo, Woodward County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73840 | $306 | $546 | $711 | $1,017 | $1,343 |
Source: Ownwell