Mangum, Oklahoma Property Taxes
The median property tax rate in Mangum, OK is 0.96%, slightly below both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Mangum at $36,562, the typical annual property tax bill amounts to $320, significantly lower than the national median of $2,690. Property taxes in Mangum are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mangum'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 Mangum 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
Mangum, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$351
Ownwell’s Mangum Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mangum with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mangum 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 Mangum, Oklahoma
Property taxes in Mangum, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mangum is 0.96%, slightly below the U.S. national median of 0.99%. Local government entities within Mangum set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mangum 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 Mangum's effective property tax rate to other regions and the national median. For comparison, the zip code 73554 has both the highest and lowest median property tax rate of 0.96%. Understanding how these areas compare with Mangum provides valuable insights into the varying tax landscape across Greer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mangum Tax Rate
0.96%
Average Greer County Tax Rate
0.93%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mangum, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73554 | 0.64% | 0.80% | 0.96% | 0.98% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Mangum, Oklahoma
In Mangum, 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 Greer County Assessor's Office 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 Mangum, 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 Mangum helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Mangum are both $320 in the 73554 zip code, offering a clear view of the local property tax landscape.
Average Mangum Assessed Value
$36,562
Average Greer County Assessed Value
$39,958
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mangum, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73554 | $16,755 | $22,897 | $36,562 | $65,929 | $109,035 |
Source: Ownwell
Property Tax Bills Across Mangum, Oklahoma
In Mangum, located in Greer County, OK, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $36,562, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is around $195, while at the 75th percentile, it rises to $620, and at the 90th percentile, it can reach up to $1,010. These figures reflect the range of property tax burdens within the area. Compared to the national median property tax rate of 0.99%, Mangum’s rates offer a relatively affordable option for homeowners. Understanding these factors helps homeowners anticipate their annual expenses and manage their budgets more effectively. The highest and lowest median tax bills in Mangum are both recorded at $320, indicating a consistent tax rate within the zip code 73554.
Average Mangum Tax Bill
$320
Average Greer County Tax Bill
$334
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Mangum, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73554 | $135 | $195 | $320 | $620 | $1,010 |
Source: Ownwell