Sharon, Oklahoma Property Taxes
The median property tax rate in Sharon, Oklahoma, is 0.65%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $110,902 in Sharon, the typical annual property tax bill is $669, well below the national median of $2,690. Property taxes in Sharon are calculated based on the assessed value, which typically falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Sharon’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 Sharon 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
Sharon, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$721
Ownwell’s Sharon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sharon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sharon 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 Sharon, Oklahoma
Property taxes in Sharon, Oklahoma, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Sharon stands at 0.65%, which is lower than the U.S. national median of 0.99%. Local government entities within Sharon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sharon 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 Sharon's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73857 zip code has both the highest and lowest median property tax rate of 0.65%. Understanding how these cities compare with Sharon 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 Sharon Tax Rate
0.65%
Average Woodward County Tax Rate
0.75%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sharon, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73857 | 0.39% | 0.49% | 0.65% | 0.84% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Sharon, Oklahoma
In Sharon, 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 Appraisal District 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 Sharon, 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 Sharon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 73857 has both the highest and lowest median tax bill at $669.
Average Sharon Assessed Value
$110,902
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 Sharon, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73857 | $43,029 | $69,161 | $110,902 | $159,884 | $233,014 |
Source: Ownwell
Property Tax Bills Across Sharon, Oklahoma
In Sharon, 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 local tax rate is then applied to this assessed value to determine the annual property tax bill. Factors such as property size, location, and any improvements made to the home can influence the assessed value. For homeowners in Sharon, the median home price is $110,902. Property tax bills in this area show considerable variation, with the 25th percentile at $404 and the 75th percentile at $1,052. At the higher end, the 90th percentile reaches up to $1,692. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local rates. For homeowners, these taxes fund essential services such as schools, public safety, and infrastructure, directly impacting the community's quality of life. Understanding how these bills are calculated can help homeowners anticipate their annual expenses and plan accordingly.
Average Sharon Tax Bill
$669
Average Woodward County Tax Bill
$683
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Sharon, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73857 | $236 | $404 | $669 | $1,052 | $1,692 |
Source: Ownwell