Oklaunion, Texas Property Taxes
The median property tax rate in OKLAUNION, TX is 1.57%, which is significantly higher than the national median of 0.99% but slightly lower than the Texas state median of 1.67%. With a median home value of $53,490, the typical annual property tax bill in OKLAUNION is $699, which is below the national median of $2,690. Property taxes in OKLAUNION are determined based on the tax assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural land. Gaining a thorough understanding of OKLAUNION'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 OKLAUNION 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
Oklaunion, Texas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.67%
Estimate Property Tax Bill
$3,340
Ownwell’s OKLAUNION Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in OKLAUNION with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in OKLAUNION 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 Oklaunion, Texas
Property taxes in Oklaunion, Texas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oklaunion is 1.57%, higher than both the Texas state median of 1.60% and the U.S. national median of 0.99%. Local government entities within Oklaunion set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oklaunion 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 Oklaunion's effective property tax rate to other counties in Texas and the national median. For comparison, the 76373 zip code has the highest median property tax rate of 1.57%, while the 76373 zip code also has the lowest median tax rate of 1.57%. Understanding how these cities compare with Oklaunion provides valuable insights into the varying tax landscape across Wilbarger County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oklaunion Tax Rate
1.57%
Average Wilbarger County Tax Rate
1.98%
Average Texas Tax Rate
1.67%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oklaunion, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76373 | 0.91% | 1.30% | 1.57% | 1.81% | 1.81% |
Source: Ownwell
Property Tax Assessment Values Across Oklaunion, Texas
In OKLAUNION, Texas, 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 Wilbarger 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 OKLAUNION, 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. The median home price in OKLAUNION is $53,490, with tax bills ranging from $356 at the 25th percentile to $2,659 at the 90th percentile. The zip code 76373 has both the highest and lowest median tax bill of $699. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Oklaunion Assessed Value
$53,490
Average Wilbarger County Assessed Value
$62,920
Average Texas Assessed Value
$247,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oklaunion, Texas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76373 | $7,510 | $27,905 | $53,490 | $151,550 | $184,070 |
Source: Ownwell
Property Tax Bills Across Oklaunion, Texas
In Oklaunion, located in Wilbarger County, TX, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Oklaunion is $53,490, which serves as a starting point for determining the assessed value. The local tax rate is then applied to this assessed value to calculate the tax bill. Various factors influence the final tax bill, including the property's market value and any applicable exemptions. Homeowners in Oklaunion face a range of property tax bills. For instance, the 25th percentile tax bill is $356, while the 75th percentile tax bill is $1,359. At the higher end, the 90th percentile tax bill can reach up to $2,659. These variations can significantly impact homeowners' finances, making it crucial to understand how local tax rates and property assessments affect their annual obligations. Compared to the national median property tax rate of 0.99%, Oklaunion’s rates can offer both challenges and benefits, depending on individual property values and circumstances.
Average Oklaunion Tax Bill
$699
Average Wilbarger County Tax Bill
$986
Average Texas Tax Bill
$3,971
Average United States Tax Bill
$2,690
Property Tax Bills Across Oklaunion, Texas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76373 | $178 | $356 | $699 | $1,359 | $2,659 |
Source: Ownwell