Woodward, Woodward County, Oklahoma Property Taxes
The median property tax rate in Woodward, Oklahoma is 0.79%, which is notably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Woodward, the typical annual property tax bill reaches $714, considerably below the national median of $2,690. Property taxes in Woodward are calculated based on the assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Woodward'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 Woodward 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
Woodward, Woodward County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$760
$705
Ownwell’s Woodward Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Woodward with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Woodward 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 Woodward, Woodward County, Oklahoma
Property taxes in Woodward, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Woodward is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Woodward set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woodward 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 Woodward's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73801 has both the highest and lowest median property tax rate of 0.79%. Understanding how these cities compare with Woodward 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 Woodward Tax Rate
0.79%
Average Woodward County Tax Rate
0.75%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Woodward, Woodward County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73801 | 0.45% | 0.60% | 0.79% | 0.95% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Woodward, Woodward County, Oklahoma
In Woodward, 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 local 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 Woodward, 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 Woodward helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median tax bill in the 73801 zip code is $714, which is both the highest and lowest in the area.
Property Tax Assessment Values Across Woodward, Woodward County, Oklahoma
Source: Ownwell
$50,630
$98,804
$146,978
Average Woodward Assessed Value
$96,184
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 Woodward, Woodward County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73801 | $34,084 | $55,972 | $96,184 | $153,730 | $244,935 |
Source: Ownwell
Property Tax Bills Across Woodward, Woodward County, Oklahoma
Property tax bills in Woodward, OK, are calculated based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Homeowners in Woodward can expect a median home price of $96,184, with property tax bills ranging from $376 at the 25th percentile to $1,237 at the 75th percentile, and up to $2,142 at the 90th percentile. These figures are influenced by factors such as property size, location, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Woodward's property tax rates can be considered relatively manageable, providing some relief for homeowners. However, the tax burden can still vary significantly depending on the specifics of the property and any changes in local tax policies. Understanding these factors is crucial for homeowners aiming to budget effectively and potentially appeal their property tax assessments.
Average Woodward Tax Bill
$714
Average Woodward County Tax Bill
$683
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Woodward, Woodward County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73801 | $204 | $376 | $714 | $1,237 | $2,142 |
Source: Ownwell