Example of Woodward County Property Tax Calculation
Woodward County calculates property tax based on the assessed value of the property. The assessed value is determined by the county assessor who considers factors such as the size and location of the property, as well as any improvements made to the property. Once the assessed value is determined, the county applies a tax rate to calculate the property tax owed.
For example, if a property in Woodward County is assessed at $100,000 and the tax rate is 1%, the property owner would owe $1,000 in property taxes for the year.
It's important to note that property taxes are used to fund essential public services such as schools, roads, and emergency services. So, property owners in Woodward County can feel good knowing that their taxes are going towards important community needs.
If you want appeal your property tax assessment - contact your local tax assessor.
Woodward County Property Tax Rates
The following is a table listing the Woodward County Property Tax rates, presented in US dollars per 100$ of assessed value:
| Tax | Rate per 100$ of assessed value |
|---|---|
| County General | 0.3249 |
| County Health | 0.1206 |
| County Library | 0.2292 |
| County School | 0.9566 |
| County Technology | 0.1221 |
| Total | 1.7534 |
Please note that these rates are subject to change, and it is recommended to consult with a local tax professional for up-to-date information.
Who sets property tax rates in Woodward County ?
In Woodward County, property tax rates are set by the County Commissioners during their annual budget-setting process. This typically occurs in the late summer or early fall of each year. The rates are based on the assessed value of each property and are used to fund various county services, such as schools, roads, and law enforcement. It's important for property owners in Woodward County to stay informed about the tax rates and how they may be affected by changes in the local economy or government policies.
Homestead exemptions in Woodward County ?
To assist Oklahoma residents with their Homestead exemptions and deductions, the following table provides details on all county-specific exemptions, including eligibility requirements, exemption amounts, and any additional notes to consider.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Standard Homestead Exemption | Must own and occupy the property | Up to $1,000 of assessed value | |
| Additional Homestead Exemption for Seniors | Must be 65 or older and earn less than $12,000 annually | Up to $1,000 of assessed value | |
| Agricultural Land Exemption | Must own and occupy the property for agricultural purposes | Up to 100% of assessed value | |
| Disabled Veterans Exemption | Must be a veteran with a service-connected disability | Up to $25,000 of assessed value | |
| Religious, Charitable, and Educational Organizations Exemption | Property must be used for the organization's specified purposes | 100% of assessed value |
It is essential to note that eligibility requirements can vary by county, and some exemptions require annual reapplication. Additionally, the deadline for filing exemption applications with the Woodward County Assessor's Office is March 15th of each year.
To learn more about Homestead exemptions and deductions, visit the Oklahoma Tax Commission website or contact the Woodward County Assessor's Office directly. By taking advantage of available exemptions, residents can reduce their property tax burden and enjoy greater financial stability.
When is Woodward County Property Tax due ?
Woodward County Property Tax is typically due on December 31st of each year. The payment methods for property tax in Woodward County include:
| Payment Method | Details |
|---|---|
| Online Payment | Payments can be made online through the county website |
| Mail-In Payment | Payments can be mailed to the county tax office |
| In-Person Payment | Payments can be made in person at the county tax office |
It is important to note that failure to pay property tax on time can result in penalties and interest charges. Therefore, it is recommended to make payments on time and utilize the available payment methods for convenient and timely payment.
If you have more questions - contact your local tax collector.
How is Woodward County Property Tax penalty calculated ?
Woodward County Property Tax Penalty Calculation:
The penalty for late payment of property taxes in Woodward County, Oklahoma is calculated based on the amount of taxes owed and the number of days past the due date.
Here is an example of how the penalty is calculated:
- Suppose the property tax owed in Woodward County is $1,000 for the current year.
- The due date for payment is December 31st of that year.
- If the payment is not received by December 31st, a penalty of 1% will be added for each month the payment is late.
- If the payment is not received until February 28th of the following year (two months late), the penalty would be 2% of the amount owed, which is $20 in this case.
In addition to the penalty, interest at the rate of 1.5% per month is also charged on the overdue amount until the tax is paid in full.
To avoid penalty and interest charges, property taxes should be paid on or before the due date each year.
| Payment Due Date | Penalty | Interest |
|---|---|---|
| December 31 | 0% | 0% |
| January 31 | 1% | 1.5% |
| February 28 | 2% | 3% |
| March 31 | 3% | 4.5% |
Note: The penalty and interest rates may change from year to year. It is always recommended to check with the Woodward County Treasurer's office or website for the most current information.
We recommend contacting the Woodward County Tax Office or a local tax professional for the most up-to-date and accurate information.