Freedom, Oklahoma Property Taxes
The median property tax rate in Freedom, OK is 0.61%, which is significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Freedom at $146,978, the typical annual property tax bill is around $844, 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 like the primary residence and agricultural exemptions. Understanding Freedom'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 Freedom 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
Freedom, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$897
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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Freedom is 0.61%, which is lower than the U.S. national median of 0.99%. Local government entities within Freedom set these rates annually, and they can vary significantly 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 areas and the national median. For comparison, the zip code 73842 has the highest and lowest median property tax rate of 0.61%. Understanding how these areas compare with Freedom 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 Freedom Tax Rate
0.61%
Average Woodward County Tax Rate
0.75%
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 | 0.35% | 0.50% | 0.61% | 0.75% | 0.85% |
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 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 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. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Freedom, the median home price is $146,978, with tax bills ranging from $443 at the 25th percentile to $2,122 at the 90th percentile. The zip code 73842 has both the highest and lowest median tax bill at $844.
Average Freedom Assessed Value
$146,978
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 Freedom, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73842 | $63,204 | $101,958 | $146,978 | $226,165 | $312,701 |
Source: Ownwell
Property Tax Bills Across Freedom, Oklahoma
In Freedom, located in Woodward County, OK, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. The median home price in Freedom is $146,978, and the property tax rate is applied to this assessed value to determine the tax bill. For example, homeowners in the 25th percentile can expect a tax bill around $443, while those in the 75th percentile face bills closer to $1,630. The highest tax bills in the area can reach up to $2,122 for homeowners in the 90th percentile. Several factors influence these calculations, including the property's location, its assessed value, and the local tax rate. Compared to the national median property tax rate of 0.99%, Freedom's property tax bills are relatively moderate. Understanding these factors can help homeowners anticipate their annual tax obligations, ensuring they are better prepared to manage their finances. For those living in the zip code 73842, the median tax bill is consistently around $844, indicating a stable tax environment within this area.
Average Freedom Tax Bill
$844
Average Woodward County Tax Bill
$683
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 | $371 | $443 | $844 | $1,630 | $2,122 |
Source: Ownwell