Colony, Washita County, Oklahoma Property Taxes
Median COLONY, OK effective property tax rate: 0.89%, significantly lower than the national median of 1.02%, but lower than the Oklahoma state median of 0.97%.
Median COLONY, OK home value: $77,880
Median annual COLONY, OK tax bill: $674, $1,726 lower than the national median property tax bill of $2,400.
How are property taxes in Washita calculated?
Property taxes in COLONY, OK are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding COLONY’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in COLONY, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Colony, Washita County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.89%
Estimate Property Tax Bill
$693
$643
Property Tax Rates Across Colony, Washita County, Oklahoma
Local government entities are responsible for setting property tax rates, leading to significant variations within a state. Each county annually estimates the budget needed for public services and divides it by the total assessed value of all taxable properties. This calculation determines the property tax rate. Although there are votes and regulations involved in this process, this is essentially how it works each year.
In Colony, located in Washita County, the effective property tax rate is a reflection of this annual budgeting process. When comparing Colony's rate to other cities in Oklahoma, it aligns with the state's median property tax rate. This is relatively lower than the national median property tax rate of 1.02%. Understanding these differences can be crucial for property owners looking to manage their tax liabilities effectively. By staying informed about these rates, property owners can make better decisions about appeals and exemptions, potentially reducing their annual tax bills.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Colony Tax Rate
0.89%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Washita County Tax Rate
0.77%
Median Effective Oklahoma Tax Rate
0.97%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Colony, Washita County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73021 | 0.63% | 0.82% | 0.89% | 0.94% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Colony, Washita County, Oklahoma
When examining property taxes in Colony, Oklahoma, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Washita County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Washita County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Colony. For example, the median home price in Colony is $77,880, with tax bills ranging significantly across the county. Zip code 73021 has the highest median home price at $77,880.
Property Tax Assessment Values Across Colony, Washita County, Oklahoma
Source: Ownwell
$36,170
$120,048
$203,926
Median Colony Market Value
$77,880
Median Washita County Market Value
$56,348
Median Oklahoma Market Value
$137,280
Median United States Market Value
$235,294
Property Tax Assessment Values Across Colony, Washita County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73021 | $24,091 | $46,005 | $77,880 | $141,247 | $226,896 |
Source: Ownwell
Property Tax Bills Across Colony, Washita County, Oklahoma
Median Colony Tax Bill
$674
Median Washita County Tax Bill
$399
Median Oklahoma Tax Bill
$1,269
Median United States Tax Bill
$2,400
Property Tax Bills Across Colony, Washita County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73021 | $209 | $423 | $674 | $1,243 | $2,285 |
Source: Ownwell